Skip to main content
Find a Lawyer

California Code, Government Code - GOV § 63089.99

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) A venture capital program is hereby established within the bank.

(b) The Governor shall appoint a deputy director who shall have direct authority over the venture capital program and serve at the pleasure of the Governor.  Notwithstanding any law in this chapter, the deputy director shall act under the guidance and authority of the executive director.

(c) The venture capital program shall operate pursuant to directives and requirements developed and approved by the bank board.

(d) Pursuant to the venture capital program and to the extent permissible, the bank may do both of the following:

(1) Acquire contract rights, or enter into contracts involving loans or bonds (including without limitation, loans and bonds with shared appreciation rights or contingent interest payments) with respect to investment funds, investment fund management companies, special purpose investment vehicles, trusts, nonprofit entities, small businesses, and other private business entities.

(2) Reinvest the proceeds received by the bank from any loans or contract rights, as described in paragraph (1).

(e) Any loans or contract rights made by the bank pursuant to this section shall be exempt from the usury provisions of Section 1 of Article XV of the California Constitution.  This subdivision creates and authorizes exempt classes of transactions and persons pursuant to Section 1 of Article XV of the California Constitution.

(f) An action to determine the validity of any resolution, agreement, or other method of financing authorized or undertaken pursuant to this section may be brought pursuant to Chapter 9 (commencing with Section 860) of Title 10 of Part 2 of the Code of Civil Procedure.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - California Code, Government Code - GOV § 63089.99 - last updated January 01, 2025 | https://codes.findlaw.com/ca/government-code/gov-sect-63089-99/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard