§ 116-41.17. Distinguished Professors Endowment Trust Fund; establishment of chairs. - North Carolina Statutes

§ 116‑41.17.  Distinguished Professors EndowmentTrust Fund; establishment of chairs.

When the sum of the challenge grant and matching funds in theDistinguished Professors Endowment Trust Fund reaches:

(1)        One million dollars ($1,000,000), if the sum of fundsdescribed in G.S. 116‑41.15(a)(1) or G.S. 116‑41.15(b)(1); or

(2)        Five hundred thousand dollars ($500,000), if the sum offunds described in G.S. 116‑41.15(a)(2) or G.S. 116‑41.15(b)(2); or

(3)        An amount up to two million dollars ($2,000,000), if the sumof funds described in G.S. 116‑41.15(a)(3) or G.S. 116‑41.15(b)(3);

theboard of trustees may recommend to the Board, for its approval, theestablishment of an endowed chair or chairs. The Board, in considering whetherto approve the recommendation, shall include in its consideration the programsalready existing in The University of North Carolina. If the Board approves therecommendation, the chair or chairs shall be established. The chair or chairs,the property of the constituent institution, may be named in honor of a donor,benefactor, or honoree of the institution, at the option of the board oftrustees. (1985, c. 757, s. 202;2005‑276, s. 9.21(c).)