Upon approval by the bank board to become a corporation, an entity shall adopt or amend its articles of incorporation to comply with the following: (a) The name of the corporation shall include the words âsmall business financial development corporation,â except for those corporations formed pursuant to this chapter prior to 2002, which may also be called âsmall business development corporations,â or those formed prior to 1985, which may also be called ârural or urban development corporations.â (b) The purposes for which the corporation is formed, which shall be those specified in Section 14001. This requirement shall not be deemed to preclude a statement of powers. (c) A geographical description of the corporationâs primary service area. (d) The name and addresses of seven or more persons who are to act in the capacity of directors until the selection of their successors. (e) That the corporation is organized pursuant to the California Small Business Financial Development Corporation Law.
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