§ 87-18. Organization meeting; officers; seal; rules; employment of personnel; acquire property. - North Carolina Statutes

§ 87‑18.  Organizationmeeting; officers; seal; rules; employment of personnel; acquire property.

The Board shall, within 30days after its appointment, meet in the City of Raleigh and organize, and electa chairman, secretary, and treasurer, each to serve for one year. Thereafterthe officers shall be elected annually. The secretary and treasurer shall givebond approved by the Board for the faithful performance of their duties in thesum as the Board may, from time to time, determine. The Board shall have acommon seal, shall formulate rules to govern its actions, and is herebyauthorized to employ personnel as it may deem necessary to carry out theprovisions of this Article. The Board shall have the power to acquire, hold,rent, encumber, alienate, and otherwise deal with real property in the samemanner as a private person or corporation, subject only to the approval of theGovernor and the Council of State. Collateral pledged by the Board for anencumbrance is limited to the assets, income, and revenues of the Board. (1931, c. 52, s. 3; 1939, c.224, s. 2; 1953, c. 254, s. 1; 2001‑270, s. 1.)