California Business and Professions Code

§ 19605.79

BPC § 19605.79 Effective Jan 1, 2011Div. 8 · Ch. 4 · Art. 9.2

Statute text

(a)Notwithstanding any other provision of law, in the event there are at any time uncommitted surplus funds in accounts created pursuant to Sections 19605.73 and 19605.75, those unexpended funds may, at the written request of the organization governing those funds and with the approval of the board, be reallocated to any other fund or account created pursuant to this chapter.

(b)Requests to the board to reallocate funds pursuant to subdivision (a) shall be accompanied by a report detailing all receipts and expenditures over the two prior fiscal years of the funds affected by the request.

(c)Initial board approval of a request to reallocate funds pursuant to subdivision (a) shall be limited to a one-year period. Approval of a reallocation may be extended beyond one year upon a determination by the board that the extension is in the economic interest of thoroughbred racing.

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Legislative history

Added by renumbering Section 19605.10 by Stats. 2010, Ch. 328, Sec. 23. (SB 1330) Effective January 1, 2011.