Section 50974 - Disbursement of assets upon terminationUpon termination of the award system, assets in the fund shall be disbursed in the following order:
(a) An amount sufficient to pay awards previously granted shall be retained by the board. (b) An amount sufficient to pay reasonable administrative expenses shall be retained by the board. (c) From any balance in the fund after the above amounts have been retained or disbursed, each department's accumulated contributions, less a proportionate share of the amount retained for reasonable administrative expenses, less the amount retained to pay awards of that department's volunteers, shall be refunded to the department. Added by Stats 2007 ch 651 (SB 581),s 2, eff. 1/1/2008.