Cal. Pub. Resources Code § 71562

Current through the 2023 Legislative Session.

Section 71562 - Reversion of funds to state or other public agency

Funds held by the endowment shall revert to the state or to another public agency or nonprofit organization approved by the state if the endowment does any of the following:

(a) Ceases operations.

(b) Is dissolved.

(c) Becomes bankrupt or insolvent.

(d) Fails to perform its fiduciary duties.

Ca. Pub. Res. Code § 71562

Added by Stats 2010 ch 687 (AB 2503),s 2, eff. 1/1/2011.