{"code":"PRC","codeName":"Public Resources Code","section":"71562","citation":"Pub. Resources Code, § 71562","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 37. CALIFORNIA ENDOWMENT FOR MARINE PRESERVATION [71500. - 71562.]","url":"https://blackletter.si/public-resources-code/division-37"},{"name":"CHAPTER 6. Financial Transactions and Audits [71560. - 71562.]","url":"https://blackletter.si/public-resources-code/division-37/chapter-6"}],"history":"Added by Stats. 2010, Ch. 687, Sec. 2.   (AB 2503)   Effective January 1, 2011.","effective":"2011-01-01","html":"<p>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:</p><p>(a) Ceases operations.</p><p>(b) Is dissolved.</p><p>(c) Becomes bankrupt or insolvent.</p><p>(d) Fails to perform its fiduciary duties.</p>","text":"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.","otherVersions":[],"url":"https://blackletter.si/public-resources-code/financial-transactions-and-audits-71562","source":"California Legislative Information bulk export (pubinfo)"}