§ 121-20. Commission to receive and expend funds donated or made available for restoration of Tryon's Palace; Commission to acquire and sell artifacts for Tryon's Palace. - North Carolina Statutes

§121‑20.  Commission to receive and expend funds donated or made availablefor restoration of Tryon's Palace; Commission to acquire and sell artifacts forTryon's Palace.

(a)        In addition toexercising the powers and duties imposed upon the Tryon Palace Commission byChapter 791 of the Session Laws of 1945 and Chapter 233 of the Session Laws of1949, the Tryon Palace Commission is hereby fully authorized and empowered toreceive and expend and disburse, for the restoration of the said Tryon'sPalace, all such funds and property which were provided for said purpose by thelast will and testament of Maude Moore Latham, deceased, and the saidCommission shall likewise have the power and authority to receive and expendall such other funds as may be donated or made available for the purpose ofrestoring the said Palace or for the purpose of furnishing and equipping sameand the grounds on which the same is located at New Bern, North Carolina.

The Tryon Palace Commission ishereby authorized, empowered and directed to designate some person as financialofficer and treasurer, to disburse the funds and property devised by MaudeMoore Latham to the said Tryon Palace Commission for the aforesaid purpose andall such other funds as may be donated or made available to the said Commissionfor expenditure for the aforesaid purposes. The said financial officer andtreasurer shall be made the custodian of all stocks, bonds and securities andfunds hereinbefore referred to and shall be authorized and empowered to sell,convert and transfer any stocks, bonds and securities held for such purpose,subject to and with the advice and approval of a finance committee to beappointed by the Tryon Palace Commission for such purpose. The sale andconversion and transfer of said securities shall be made when necessary toprovide funds required for the said restoration and at such time as, in theopinion of the finance officer and treasurer, when approved by the financecommittee, will be to the interests and advantage of the Tryon Palace Commissionand the purposes for which said funds and securities were provided.

The finance officer andtreasurer aforesaid shall be required to give such bond as, in the opinion ofthe Tryon Palace Commission, is proper for the faithful performance as financeofficer and treasurer, and shall render to the Tryon Palace Finance Committee,with copies to the Department of Cultural Resources and the State Treasurer,annual or ad interim detailed reports of moneys and/or securities received,exchanged or converted into cash. Checks issued against such funds shall becountersigned by the chairman of Tryon Palace Commission, or by one dulyauthorized by the said Commission.

The finance officer andtreasurer shall serve without compensation; however, any expenses incurred forthe faithful performance of said duties, including the cost of the bond, shallbe borne by the Tryon Palace Commission, from the proceeds of the funds thushandled.

The Tryon Palace Commissionshall have the power and authority in its discretion to call upon the Treasurerof the State of North Carolina to act as treasurer of the said funds andproperties and, if so designated, said treasurer shall exercise all the powersand duties herein imposed upon the financial officer and treasurer hereinbeforereferred to.

The Tryon Palace Commission ishereby authorized and empowered to expend the funds hereinbefore referred toand it may disburse said funds through the Department of Cultural Resources inthe event it is found more practical to do so, and said Commission shallcooperate with the Department of Cultural Resources of the State of NorthCarolina in the expenditure of the funds for the restoration of said Tryon'sPalace provided by two trust funds created by Maude Moore Latham in herlifetime, which funds shall be expended in accordance with the terms andprovisions of said trusts for the purposes therein set out.

(b)        The Tryon PalaceCommission may solicit, accept, and hold artifacts and furnishings, and mayacquire them by purchase or gift for the interpretive needs and development ofTryon Palace Historic Sites and Gardens. The Commission may dispose of bytrade, sale, or transfer, in accordance with accepted museum practices, anyaccessioned or unaccessioned artifacts and furnishings in the custody of theCommission, or its appointed officers, that are determined to have no furthervalue for official or administrative purposes or for research, reference, orinterpretation. Any proceeds realized through the deaccession and sale ofartifacts and furnishings shall be placed in a collections fund administered bythe Tryon Palace Commission. Monies received by the Commission, after deductionof the expenses attributable to that sale, shall be used for the acquisition ofartifacts and furnishings necessary or desirable for research, reference, andinterpretation at Tryon Palace Historic Sites and Gardens. (1953,c. 1100; 1973, c. 1262, s. 86; 1975, c. 387; 1993 (Reg. Sess., 1994), c. 769,s. 12.2.)