50972. The contract may be terminated by the governing body of a contracting department by resolution or by any other means permitted by law. All liability of the department with respect to its volunteer members of the award system shall cease. All moneys deposited in the fund shall be held for the continued payment of […]
50973. The board may provide that an award under this chapter shall not be payable, or begin to accrue, until the board establishes, by appropriate resolution, that the fund contains sufficient net assets to make the payments provided by this chapter based upon an actuarial reserve basis. (Repealed and added by Stats. 2007, Ch. 651, […]
50974. Upon 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 […]
