50972-50974
GOVERNMENT CODE
SECTION 50972-50974
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 previously granted awards and the costs of administration. 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. 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 amounts have been retained or disbursed, each department's accumulated contributions, less a proportionate share of the amount retained for reasonable administrative expenses, less the amount retained to pay awards of that department's volunteers, shall be refunded to the department.