(a) There is hereby established within the Health Professions Education Foundation, the California Physician Corps Program.
(b) Commencing July 1, 2006, both of the following programs shall be transferred from the Medical Board of California to the California Physician Corps Program within the foundation and operated pursuant to this article:
(1) The Steven M. Thompson Physician Corps Loan Repayment Program.
(2) The Physician Volunteer Program developed by the Medical Board of California.
(c) The office may enter into an interagency agreement with the Medical Board of California to implement the transfer of programs as provided under subdivision (b).