The state fund may in its own name, or in the name of the California Emergency Council, do any and all things necessary to recover on behalf of the California Emergency Council any and all amounts which an employer might recover from third persons under Chapter 5 (commencing with Section 3850) of Part 1 of Division 4 of the Labor Code, or which an insurer might recover pursuant to Section 11662 of the Insurance Code, including the right to commence and prosecute actions, to file, pursuant to Chapter 5 (commencing with Section 3850) of Part 1 of Division 4 of the Labor Code, liens for whatever sums would be recoverable by suit against such a third person, to intervene in other court proceedings, and to compromise claims and actions before or after commencement of suit. All amounts so recovered shall be used for the furnishing of compensation benefits, and the agreement shall provide for the reimbursing of the state fund for expense incurred in recovering such amounts and the manner in which such amounts shall be applied to the furnishing of compensation.
(Amended by Stats. 1971, Ch. 438, Sec. 147.)