California Code of Regulations
Title 10 - Investment
Chapter 13 - Governor's Office of Business and Economic Development
Article 4 - California Innovation Hub Program
Section 8370 - Changes or Modifications

Universal Citation: 10 CA Code of Regs 8370

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) If an iHub changes its legal entity formation (e.g. limited liability partnership converted to a corporation) or its legal name, it must notify GO-Biz in writing of this change no later than thirty (30) calendar days after such change takes legal effect. The parties shall then enter into a new MOU to reflect such change.

(b) If an iHub requests to change its iHub coordinator or modify the industry sector(s) of focus, it must adhere to the following process:

(1) Submit a one-page request to GO-Biz stating the reason for the request.

(2) To change the targeted industry sector or sectors, the iHub must attach a written explanation identifying the need for the newly desired industry sector or sectors within the iHub's physical boundaries. The iHub must also describe how it will collaborate with the new industry sector or sectors and its iHub partners to support innovation in the sector or sectors.

(3) GO-Biz shall make a final written decision within sixty (60) days of receiving the request.

(4) Upon written approval by GO-Biz of the change, iHub must also submit an amended MOU to GO-Biz reflecting the change. Parties must then execute a new MOU, as necessary.

(c) In the event an iHub plans to dissolve, the iHub -- prior to the dissolution -- must notify GO-Biz of the planned event and request consent of assignment from GO-Biz that the iHub designation be assigned to another entity that satisfies the same requirements necessary of the designated iHub and that a majority of the then-current iHub partners remain within the partnership for the duration of the iHub designation.

(1) GO-Biz may require a revised statement of cooperation be submitted by the proposed iHub assignee prior to GO-Biz's written approval of assignment.

(2) Upon written approval by GO-Biz of the assignment, iHub assignee must submit a revised MOU to GO-Biz reflecting the change and parties must execute the revised MOU.

(d) If a majority (i.e. 50% or more) of the iHub partners determine that the iHub coordinator is failing to meet or represent the needs and goals of the iHub partners, then such majority of the iHub partners may notify GO-Biz in writing of the deficiency in performance by the iHub coordinator and request that the iHub either be revoked or that the iHub coordinator designation be transferred to another entity that can satisfy the requirements. The notice must include a list of all the iHub partners that believe there is a deficiency, be signed by each iHub partner alleging the deficiency, and provide sufficient detail to allow GO-Biz to make a determination as to the gravity of the concern. Upon written approval by GO-Biz that such a deficiency exists, which may involve probing and examination by GO-Biz, and with the cooperation of the majority of the iHub partners, the designated iHub may be de-designated or an alternative iHub coordinator may be identified. As necessary, a revised MOU will be signed by the applicable parties.

1. New section filed 3-22-2017; operative 3-22-2017 pursuant to Government Code section 11343.4(b)(3) (Register 2017, No. 13).

Note: Authority cited: Sections 12099.3 and 12099.4, Government Code. Reference: Sections 12099.3 and 12099.4, Government Code.

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