Section 35314 Of Article 12. Scholarship And Loan Funds From California Education Code >> Division 3. >> Title 2. >> Part 21. >> Chapter 2. >> Article 12.

. Money in the fund shall be deposited in a bank or other institution whose accounts are federally insured, and any money so deposited shall be in an account or accounts fully covered by that insurance. The committee shall establish and maintain procedures to identify clearly all money in the fund and its separate and distinct impressed trusts, if any, and from whom and to whom the money was received and disbursed.