- (a) A Loan Committee is hereby established to assist the Board in meeting the goals of the Program.
- (b) The Loan Committee shall be composed of not more than nine individuals appointed by the Board.
- (c) The Loan Committee shall be comprised of a balanced cross-section of individuals from the commercial lending community, both public and private sectors, from throughout the state who demonstrate expertise in financial analysis and credit evaluation.
- (d) Members of the Loan Committee shall each be appointed to a three-year term, except that the newly added members terms may be adjusted so that a staggered schedule of terms is established where not more than four members terms shall expire during any single calendar year.
- (e) Vacancies shall be filled using the same procedures as used for the initial appointments, and shall be filled for the remaining portion of the respective terms.
Note: Authority cited: Section 40502, Public Resources Code. Reference: Section 42023.4, Public Resources Code.
History
1. New section filed 11-24-92; operative 11-24-92 pursuant to Government Code section 11346.2(d) (Register 92, No. 48).
2. Change without regulatory effect amending Note filed 7-8-94 pursuant to section 100, title 1, California Code of Regulations (Register 94, No. 27).
3. Repealer and new section heading and section filed 9-15-97; operative 9-15-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 38).
4. Amendment of Note filed 10-18-2005; operative 11-17-2005 (Register 2005, No. 42).