California Government Code

§ 63089.57

GOV § 63089.57 Effective Oct 4, 2013Div. 1 · Title 6.7 · Ch. 6 · Art. 5

Statute text

Pursuant to this chapter and any directives and requirements adopted pursuant to this chapter, the state has residual interest in the funds deposited by the state to a trust fund account and to the return on these funds from investments. On dissolution, suspension, or termination of the corporation, these funds shall be withdrawn by the program manager from the trust fund account and returned to the expansion fund or temporarily transferred to another trust fund account. This provision shall be contained in the trust instructions to the trustee.

Legislative history

Added by Stats. 2013, Ch. 537, Sec. 4. (AB 1247) Effective October 4, 2013.