(a) The trust shall do all of the following:
(1) Expend funds only for the purposes of the trust enumerated in Section 36990 and as further restricted by the sources of the trust’s funding.
(2) Make written findings for funds committed for projects, indicating how the projects further the purposes of the trust enumerated in Section 36990.
(3) Require the recipient of funds to keep records necessary to disclose whether the funds were used for the purposes specified by the trust.
(4) Invest and manage the funds of the trust in accordance with the Nonprofit Public Benefit Corporation Law (Part 2 (commencing with Section 5110) of Division 2 of Title 1 of the Corporations Code).
(5) The trust shall report in writing annually to the Legislature and to the Chair of the Joint Committee on Fisheries and Aquaculture. The annual report shall include the most recent financial audit of the trust and the written findings required pursuant to paragraph (2). The activities of the trust for any financial year may be audited by the Bureau of State Audits.
(b) The trustees shall ensure that the trust, individual trustees acting on behalf of the trust and employees or agents of the trust do not engage in lobbying or contribute to, or otherwise support, any political party, candidate, or ballot issue.
(c) This chapter does not expand the authority of the trust to contract for professional services beyond the authority to contract for those services in Section 19130 of the Government Code.
(Added by Stats. 2000, Ch. 516, Sec. 1. Effective January 1, 2001.)
Last modified: October 25, 2018