California Education Code

§ 42651

EDC § 42651Div. 3 · Title 2 · Part 24 · Ch. 9 · Art. 4

Statute text

(a)The governing board of a school district may authorize a bank, savings and loan association, or credit union in which school district deferred compensation funds are invested pursuant to Section 53609 of the Government Code, to disburse benefits to eligible school district employees or retired employees, or their beneficiaries, provided the following conditions are met:

(1)No payment shall be made to any person by the bank, savings and loan association, or credit union unless authorized in writing by the school district.

(2)Written authorization from a school district to a bank, savings and loan association, or credit union to make a payment shall include the name of each person to receive payment and the amount each person is to receive.

…

Legislative history

Added by Stats. 1981, Ch. 92, Sec. 3.