§ 113-175. Definitions. - North Carolina Statutes

Article 14C.

Marine Resources Fund and Marine Resources EndowmentFund.

§ 113‑175.  Definitions.

As used in this Article:

(1)        Repealed by Session Laws 2005‑455, s. 2.2, effectiveJanuary 1, 2006.

(1a)      "Endowment Fund" means the North Carolina MarineResources Endowment Fund.

(1b)      "Endowment investment income" means interest andother income earned from the investment of the principal of the Endowment Fund.

(1c)      "Endowment license revenues" means the net proceedsfrom the sale of licenses issued under G.S. 113‑174.2(c)(6) and a portionof the net proceeds from the sale of licenses issued under G.S. 113‑351(c)(3)and (4). The apportionment of the net proceeds from the sale of licenses issuedunder G.S. 113‑351(c)(3) and (4) shall be jointly determined by the Divisionof Marine Fisheries and the Wildlife Resources Commission. In the event thatthe Division of Marine Fisheries and the Wildlife Resources Commission cannotagree on the apportionment, the Governor is authorized to determine theapportionment.

(2)        "Marine Resources Fund" means the North CarolinaMarine Resources Fund.

(3)        "Marine resources investment income" meansinterest earned from the investment of the principal of the Marine ResourcesFund.

(4)        "Marine resources license revenues" means the netproceeds from the sale of licenses issued under Article 14B of this Chapter anda portion of the net proceeds from the sale of licenses issued under Article25A of this Chapter, excluding endowment license revenues. The apportionment ofthe net proceeds from the sale of licenses issued under Article 25A of thisChapter shall be jointly determined by the Division of Marine Fisheries and theWildlife Resources Commission. In the event that the Division of MarineFisheries and the Wildlife Resources Commission cannot agree on theapportionment, the Governor is authorized to determine the apportionment. (2004‑187, s. 1; 2005‑455, s. 2.2.)