California Health and Safety Code CHAPTER 3 - Purpose and Organization

• Section 53100.
  The corporation created by this part shall be known as “Sunny Mac.”(Added by Stats. 1981, Ch. 1033.)
• Section 53101.
  The Solar and Energy Conservation Mortgage Corporation is hereby created for the following purposes:(a)  To facilitate financing of energy conservation measures and structural improvements. (b)...
• Section 53102.
  The corporation shall have common stock, without par value, which shall be vested with all voting rights, each share being entitled to one vote with...
• Section 53103.
  The board of directors of the corporation shall consist of seven members, selected and appointed as follows:(a)  One member, representing the public interest, for a...
• Section 53104.
  The members of the board shall annually elect a chairman from among their membership.(Added by Stats. 1981, Ch. 1033.)
• Section 53105.
  In order to expedite the startup of the corporation, the four members representing the stockholders shall initially be appointed by the Secretary of the Business,...
• Section 53106.
  On or before February 1, 1982, the Governor, the State Treasurer, and the Secretary of Business, Transportation and Housing shall appoint the directors authorized under...
• Section 53108.
  For the purposes set forth in this chapter, the corporation is authorized pursuant to commitments, or otherwise, to purchase, service, sell, lend on the security...
• Section 53109.
  For the purposes set forth in this chapter, the corporation is authorized to borrow money through the issuance of notes, bonds, debentures, mortgage trust certificates,...
• Section 53110.
  Any financial institution may apply to the corporation to become a member financial institution. The corporation shall establish standards and procedures for qualification as a...
• Section 53111.
  Any purchases of loans made by the corporation pursuant to the provisions of this part, for value, in good faith and without actual and written...
• Section 53112.
  Any mortgage trust certificates, mortgage-backed bonds, mortgage-backed passthrough certificates, or other obligations of the corporation secured by the loans and related deeds of trust purchased...
• Section 53113.
  The corporation may accept and administer grants, subsidies, loans, loan guarantees, and other special programs as may be established for that purpose by the Public...

Last modified: October 22, 2018