California Public Resources Code

§ 71560

PRC § 71560 Effective Jan 1, 2013Div. 37 · Ch. 6

Statute text

(a)The endowment may receive charitable contributions or any sources of income that may be lawfully received, including loans from the state.

(b)The endowment shall administer any funds it receives in accordance with this division.

(c)(1) Except as provided in paragraph (2), the endowment shall invest and manage any funds it receives so that the investments shall provide a source of income in perpetuity and the principal amount consisting of charitable contributions and donations, including cost savings donated pursuant to Section 6618 of the Fish and Game Code, shall not be spent. Any returns on investments made by the endowment are the only funds that shall be available for expenditure by the endowment.

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Legislative history

Amended by Stats. 2012, Ch. 281, Sec. 41. (SB 1395) Effective January 1, 2013.