California Financial Code 32820 – The corporation is authorized to borrow money from the fund, subject …
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The corporation is authorized to borrow money from the fund, subject to the following terms and conditions:
(a) The interest rate on loans from the fund to the corporation shall be six percent per annum;
Terms Used In California Financial Code 32820
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(b) The maximum term of the loans to the corporation shall be for 20 years;
(Added by Stats. 1980, Ch. 819, Sec. 1.)