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Cal. Corp. Code § 14009

New Corporations

Known as the California Small Business Financial Development Corporation Law

The act spans §§ 14000–14024 (25 sections).

Added by Stats. 2013, Ch. 537, Sec. 2

(a) Each corporation shall have provisions establishing a grievance procedure for employees, clients, or potential clients, to appeal a decision or obtain redress of an action done by the staff or loan committee of the corporation. The procedures shall be established in writing during the probationary period of a new corporation.

(b) The bylaws of the corporation shall authorize the removal of officers only by a two-thirds vote of the directors of the corporation.

Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.