§ 116-275. Cessation of operation. - North Carolina Statutes

§ 116‑275.  Cessation ofoperation.

In the event of cessation ofthe operation of an airport established under this Article, or the abandonmentof any of the property acquired hereunder for airport purposes, the title tosuch real or personal property or rights under any existing lease shall vest inThe University of North Carolina, and upon the sale of any property aftercessation of operations, the proceeds therefrom shall first be distributed prorata to the constituent university member or to the University of NorthCarolina Health Care System to reimburse their or their affiliated foundations'investments in the authority and thereafter shall vest in the University.  (2008‑204, s. 4.2.)