§ 71562
48 words·~1 min read·
/ca/public-resources-code/71562A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.