California Probate Code

§ 18502

PROB § 18502 Effective Jan 1, 2009Div. 9 · Part 7

Statute text

As used in this part, the following terms shall have the following meanings:

(a)“Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.

(b)“Endowment fund” means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.

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Legislative history

Repealed and added by Stats. 2008, Ch. 715, Sec. 4. Effective January 1, 2009.