California · Public Resources Code - PRC
PRC §71562: 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.
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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.
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