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HomeGovernment CodeDiv. 3Pt. 10Ch. 4§ 15826 Certificate Trustee Duties

§ 15826 Certificate Trustee Duties

Government Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 15826 Certificate Trustee Duties

Key Takeaways

  • •The State Treasurer is like a guardian for money certificates issued by the board.
  • •The board can tell the treasurer what to do with these certificates, like selling them or paying back the money.
  • •The treasurer can also handle money set aside to pay back these certificates.

Example

Imagine you and your friends start a club and sell special club membership cards to raise money. You pick one friend to be in charge of the money from these cards.

In this law, the State Treasurer is like that friend in charge. They take care of the special money certificates, make sure people get paid back, and handle the money set aside for this.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source
View on CA.gov

§ 15826 Certificate Trustee Duties

The State Treasurer shall act as trustee for the board and the holders of the certificates issued under this part, and the board may authorize the trustee to act on behalf of the holders of the certificates, or any stated percentage thereof, and to exercise and prosecute on behalf of the holders of the certificates such rights and remedies as may be available to the holders. The board shall, by resolution, prescribe the duties and powers of such trustee with respect to the issuance, authentication, sale, and delivery of the certificates, and the payment of principal and interest thereof, the redemption of the certificates, and the management, exclusive of the investment or reinvestment thereof, of any sinking fund or other funds provided as security for the certificates. (Added by Stats. 1955, Ch. 1686.)

Last verified: January 22, 2026

Key Terms

State Treasurertrusteeboardcertificatesholdersresolutionsinking fund

Related Statutes

  • § 14554.4 Note Trust Agreement Security
  • § 16742 Bond Cancellation And Replacement
  • § 15838.5 Treasurer Bond Trustee Role
  • § 12927 Housing Discrimination Definitions
  • § 14554.2 Federal Transportation Notes Issuance

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Government Code. Section 15826.
View Official Source