Pub. Resources Code, § 71562 · Chapter 6. Financial Transactions and Audits
Pub. Resources Code, § 71562
Verbatim from the official edition
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
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.
Notes and commentary — not statutory text
History
Added by Stats. 2010, Ch. 687, Sec. 2. (AB 2503) Effective January 1, 2011.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PRC§ionNum=71562.
- Text hash
- sha256 1bd3d5570beeaa2e3eda800ee18a781eac5042fb304b5be151df5004482e3456
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.