California Government Code 50957 – The custodian of the fund shall be subject to the exclusive control …
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The custodian of the fund shall be subject to the exclusive control of the board to administer and invest the assets of the fund. The assets in the fund shall be used to pay the costs of administration and for the payment of awards under this chapter.
(Repealed and added by Stats. 2007, Ch. 651, Sec. 2. Effective January 1, 2008. Operative March 1, 2008, by Section 50979.)
Terms Used In California Government Code 50957
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the board of the California State Fire Employees Welfare Benefit Corporation. See California Government Code 50952
- Custodian of the fund: means a financial institution or other entity that qualifies under the laws of this state to act as a trustee of and establish a trust described in Internal Revenue Service Revenue Procedure 92-64. See California Government Code 50952
- Fund: means an account or trust described in Internal Revenue Service Revenue Procedure 92-64, which is maintained by the custodian of the fund. See California Government Code 50952