Funds held by the endowment shall revert to the state or to another public agency or nonprofit organization approved by the state if the endowment does any of the following:
(a) Ceases operations.
(b) Is dissolved.
(c) Becomes bankrupt or insolvent.
(d) Fails to perform its fiduciary duties.
(Added by Stats. 2010, Ch. 687, Sec. 2. (AB 2503) Effective January 1, 2011.)