California Public Resources Code 71562 – Funds held by the endowment shall revert to the state or to another …
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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.
Terms Used In California Public Resources Code 71562
- Fiduciary: A trustee, executor, or administrator.
(b) Is dissolved.
(c) Becomes bankrupt or insolvent.
(d) Fails to perform its fiduciary duties.
(Added by Stats. 2010, Ch. 687, Sec. 2. (AB 2503) Effective January 1, 2011.)