§ 115D-14. Board of trustees a body corporate; corporate name and powers; title to property. - North Carolina Statutes

§ 115D‑14.  Boardof trustees a body corporate; corporate name and powers; title to property.

The board of trustees of each institution shall be a body corporatewith powers to enable it to acquire, hold, and transfer real and personalproperty, to enter into contracts, to institute and defend legal actions andsuits, and to exercise such other rights and  privileges as may be necessaryfor the management and administration of the institution in accordance with theprovisions and purposes of this Chapter. The official title of each board shallbe "The Trustees  of ______" (filling in the name of the institution)and such title shall be the official corporate name of the institution.

The several boards of trustees shall hold title to all real andpersonal property donated to their respective institutions by private  personsor purchased with funds provided by the tax‑levying authorities of theirrespective institutions. Title to equipment furnished by the State shall remainin the State Board of Community Colleges. In the event that an institutionshall cease to operate, title to all real and personal property donated to theinstitution or  purchased with funds provided by the tax‑levyingauthorities, except as provided for in G.S. 115D‑14, shall vest in the countyin which the institution is located, unless the terms of the deed of gift inthe case of donated property provides otherwise, or unless in the case of twoor more counties forming a joint institution the contract provided for in G.S.115D‑71 provides otherwise. (1963, c. 448, s. 23; 1979, c. 462, s. 2; c. 896, s. 13; 1979, 2ndSess., c. 1130, s. 1.)