Within the 12-month period specified in Section 19555, and prior to the payment of any charity days’ net proceeds to any beneficiary, the distributing agent shall submit the name of the beneficiary to the board for the board’s approval.

If the board does not disapprove of the beneficiary within 60 days after the submission, its approval shall be deemed to have been given.

Terms Used In California Business and Professions Code 19557

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • board: means any entity listed in Section 101, the entities referred to in Sections 1000 and 3600, the State Bar, the Department of Real Estate, and any other state agency that issues a license, certificate, or registration authorizing a person to engage in a business or profession. See California Business and Professions Code 31
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.

(Added by Stats. 1959, Ch. 1828.)

  Previous section
Next section  
 Article 7 Contents