One or more state or local governments may cause to be formed, and may acquire all, but not less than all, of the voting stock in, one or more corporations, not chartered by a state or federal agency as a depository institution, but organized for the purpose of undertaking financing programs approved by each legislative body and found by each legislative body to be of benefit to the state or local government.

(Added by Stats. 1986, Ch. 1389, Sec. 1. Effective September 30, 1986.)

Terms Used In California Government Code 5905

  • Legislative body: means the governing body or board of the state or local government. See California Government Code 5902
  • State: means the State of California, unless applied to the different parts of the United States. See California Government Code 18
  • State or local government: means the state, any department, agency, board, commission, or authority of the state, or any city, city and county, county, public district, public corporation, authority, agency, board, commission, or other public entity. See California Government Code 5902
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