California · Military and Veterans Code - MVC

MVC §1042: All accrued interest on money turned over to the administrator and retained by them under this chapter shall be accounted for by the home and deposited to the credit of the Morale, Welfare, and Recrea

What this law says, in plain English

Interest earned on money held by an administrator must be accounted for and deposited into a Morale, Welfare, and Recreation fund.

Read the full statutory text

All accrued interest on money turned over to the administrator and retained by them under this chapter shall be accounted for by the home and deposited to the credit of the Morale, Welfare, and Recreation Fund and used for the common benefit of members.

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