California Public Resources Code

§ 71561

PRC § 71561 Effective Jan 1, 2011Div. 37 · Ch. 6

Statute text

The endowment funds shall be administered and managed in accordance with all of the following:

(a)Reasonably prudent investor standards that will give the fund the capacity to achieve reasonable rates of return on investment similar to those of other prudent investors for long-term investments.

(b)Use of generally accepted accounting practices, and expenditure and investing procedures.

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Legislative history

Added by Stats. 2010, Ch. 687, Sec. 2. (AB 2503) Effective January 1, 2011.