§ 116B-7. Distribution of fund. - North Carolina Statutes

§ 116B‑7.  Distribution of fund.

(a)        The income derived from the investment or deposit of theEscheat Fund shall be distributed annually on or before July 15 to the StateEducation Assistance Authority for grants and loans to aid worthy and needystudents who are residents of this State and are enrolled in publicinstitutions of higher education in this State. Such grants and loans shall bemade upon terms, consistent with the provisions of this Chapter, pursuant towhich the State Education Assistance Authority makes grants and loans to otherstudents under G.S. 116‑201 to 116‑209.23, Article 23 of Chapter116 of the General Statutes, policies of the Board of Governors of TheUniversity of North Carolina regarding need‑based grants for students ofThe University of North Carolina, and policies of the State Board of CommunityColleges regarding need‑based grants for students of the communitycolleges.

(b)        An amount specified in the Current Operations AppropriationsAct shall be transferred annually from the Escheat Fund to the Department ofAdministration to partially fund the program of Scholarships for Children ofWar Veterans established by Article 4 of Chapter 165 of the General Statutes.Those funds may be used only for residents of this State who (i) are worthy andneedy as determined by the Department of Administration, and (ii) are enrolledin public institutions of higher education of this State. (1979, 2nd Sess., c. 1311, s. 1; 1999‑460, s. 3(b); 2002‑126,s. 9.19(a); 2003‑284, s. 18.5(b).)