BlackletterCalifornia law

Public Resources Code § 71562

CHAPTER 6. Financial Transactions and Audits

Current as of September 28, 2026Pub. Resources Code, § 71562Official source ↗

Added by Stats. 2010, Ch. 687, Sec. 2. (AB 2503) Effective January 1, 2011.

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.