§ 115C-490. Creation of endowment funds; administration. - North Carolina Statutes

Article 35.

Voluntary Endowment Fund for Public Schools.

§ 115C‑490.  Creation of endowment funds;administration.

Any local board of education is hereby authorized and empowered uponthe passage of a resolution to create and establish a permanent endowment fundwhich shall be financed by gifts, donations, bequests or other forms ofvoluntary contributions.  Any endowment fund established under the provisionsof this Article shall be administered by the members of such board of educationwho, ex officio, shall constitute and be known as "The Board of Trusteesof the Endowment Fund of the Public Schools of __________Countyor____________City or Town" (in which shall be inserted the name of thecounty, city or town).  The board of trustees so established shall determineits own organization and methods of procedure. (1961, c. 970; 1981, c. 423, s. 1.)