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Proceeds of Sale.   

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Money received by reason of a sale pursuant to Section 42375 shall be used for scholarships and loans to students enrolled at the campus at which such sale is held. Criteria of eligibility and procedures for the award of such scholarships and loans shall be established by the campus at which the award is made. While held pending the grant of a scholarship or loan, such money may be invested by the State Treasurer upon approval of the Chancellor or designee, in those eligible securities listed in Section 16430 of the Government Code, in which event all interest or other earnings received pursuant to such investment shall also be used for such scholarships and loans.

Authority cited:

Education Code 66600

Education Code 89030

Education Code 89035

Civil Code 2080.9

Reference

Civil Code 2080.9

(Amended by Register 82, No. 39.)