§ 116-31.12. Acquisition of real property by lease. - North Carolina Statutes

§ 116‑31.12. Acquisition of real property by lease.

Notwithstanding G.S. 143‑341(4),the Board of Governors may authorize the constituent institutions and theGeneral Administration to acquire real property by lease if the lease is for aterm of not more than 10 years. The Board of Governors shall establish a policyfor acquiring an interest in real property for the use of The University ofNorth Carolina and its constituent institutions by lease. This policy maydelegate authorization of the acquisition of real property by lease to theboards of trustees of the constituent institutions or to the President of TheUniversity of North Carolina. The Board of Governors shall submit all initialpolicies adopted pursuant to this section to the State Property Office forreview prior to adoption by the Board. Any subsequent changes to these policiesadopted by the Board of Governors shall be submitted to the State PropertyOffice for review. Any comments by the State Property Office shall be submittedto the President of The University of North Carolina. After the acquisition ofan interest in real property by lease, The University of North Carolina shallpromptly file a report concerning the acquisition to the Secretary ofAdministration. Acquisitions of an interest in real property by lease pursuantto this section shall not be subject to the provisions of Article 36 of Chapter143 of the General Statutes or to the provisions of Article 6 of Chapter 146 ofthe General Statutes. (2007‑322, s. 9.)