The assets of the trust, including the program fund, shall at all times be preserved, invested, and expended solely and only for the purposes of the trust and shall be held in trust for the participants and beneficiaries and no property rights therein shall exist in favor of the state. The assets shall not be transferred or used by the State of California for any purposes other than the purposes of the trust.

(Added by Stats. 1997, Ch. 851, Sec. 2. Effective January 1, 1998.)

Terms Used In California Education Code 69991

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Program fund: means the program fund established by this article, which shall be held as a separate fund within the Scholarshare trust. See California Education Code 69980
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