§ 116-12. Property and obligations. - North Carolina Statutes

§ 116‑12.  Property andobligations.

All property of whatsoeverkind and all rights and privileges held by the Board of Higher Education and bythe Boards of Trustees of Appalachian State University, East CarolinaUniversity, Elizabeth City State University, Fayetteville State University,North Carolina Agricultural and Technical State University, North CarolinaCentral University, North Carolina School of the Arts, redesignated effectiveAugust 1, 2008, as the "University of North Carolina School of the Arts,"Pembroke State University, redesignated effective July 1, 1996, as the"University of North Carolina at Pembroke", Western CarolinaUniversity and Winston‑Salem State University, as said property, rightsand privileges may exist immediately prior to July 1, 1972, shall be, andhereby are, effective July 1, 1972, transferred to and vested in the Board ofGovernors of the University of North Carolina. All obligations of whatsoeverkind of the Board of Higher Education and of the Boards of Trustees of AppalachianState University, East Carolina University, Elizabeth City State University,Fayetteville State University, North Carolina Agricultural and Technical StateUniversity, North Carolina Central University, North Carolina School of theArts, redesignated effective August 1, 2008, as the "University of NorthCarolina School of the Arts," Pembroke State University, redesignatedeffective July 1, 1996, as the "University of North Carolina atPembroke", Western Carolina University and Winston‑Salem State University,as said obligations may exist immediately prior to July 1, 1972, shall be, andthe same hereby are, effective July 1, 1972, transferred to and assumed by theBoard of Governors of the University of North Carolina. Any property, real orpersonal, held immediately prior to July 1, 1972, by a board of trustees of aconstituent institution for the benefit of that institution or by theUniversity of North Carolina for the benefit of any one or more of its sixinstitutions, shall from and after July 1, 1972, be kept separate and distinctfrom other property held by the Board of Governors, shall continue to be heldfor the benefit of the institution or institutions that were previously thebeneficiaries and shall continue to be held subject to the provisions of therespective instruments, grants or other means or process by which any propertyright was acquired. All property of whatsoever kind and all rights andprivileges held by the Board of Trustees of the North Carolina School ofScience and Mathematics, as said property, rights and privileges may existimmediately prior to July 1, 2007, shall be and hereby are, effective July 1,2007, transferred to and vested in the Board of Governors of The University ofNorth Carolina. All obligations of whatsoever kind of the Board of Trustees ofthe North Carolina School of Science and Mathematics as said obligations mayexist immediately prior to July 1, 2007, shall be, and the same hereby are,effective July 1, 2007, transferred to and assumed by the Board of Governors ofThe University of North Carolina. In case a conflict arises as to whichproperty, rights or privileges were held for the beneficial interest of aparticular institution, or as to the extent to which such property, rights orprivileges were so held, the Board of Governors shall determine the issue, andthe determination of the Board shall constitute final administrative action.Nothing in this Article shall be deemed to increase or diminish the income,other revenue or specific property which is pledged, or otherwise hypothecated,for the security or liquidation of any obligations, it being the intent thatthe Board of Governors shall assume said obligations without thereby eitherenlarging or diminishing the rights of the holders thereof.  (1971, c. 1244, s. 1; 1995(Reg. Sess., 1996), c. 603, s. 4; 2006‑66, s. 9.11(c); 2008‑192, s.4.)