§ 87-45. Funds. - North Carolina Statutes

§87‑45.  Funds.

The fees collected forexaminations and licenses under this Article shall be used for the expenses ofthe State Board of Examiners of Electrical Contractors in carrying out theprovisions of this Article. No expenses of the Board or compensation of anymember or employee of the Board shall be payable out of the treasury of theState of North Carolina; and neither the Board nor any member or employeethereof shall have any power or authority to make or incur any expense, debt orother financial obligation binding upon the State of North Carolina. Any fundsremaining in the hands of the secretary‑treasurer to the credit of theBoard after all expenses of the Board for the current fiscal year have beenfully provided for shall be paid over to the North Carolina EngineeringFoundation, Inc., for the benefit of the electrical engineering department ofthe Greater University of North Carolina. Provided, however, the Board shallhave the right to maintain an amount, the cumulative total of which shall notexceed twenty percent (20%) of gross receipts for the previous fiscal year ofits operation as a maximum contingency or emergency fund. (1937,c. 87, ss. 3, 7; 1969, c. 669, s. 1.)