§ 87-7. Records of Board; disposition of funds. - North Carolina Statutes

§87‑7.  Records of Board; disposition of funds.

The secretary‑treasurershall keep a record of the proceedings of the said Board and shall receive andaccount for all moneys derived from the operation of this Article. Any fundsremaining in the hands of the secretary‑treasurer to the credit of theBoard after the expenses of the Board for the current year have been paid shallbe paid over to the Greater University of North Carolina for the use of theSchool of Engineering through the North Carolina Engineering Foundation. TheBoard has the right, however, to retain at least ten percent (10%) of the totalexpense it incurs for a year's operation to meet any emergency that may arise.As an expense of the Board, said Board is authorized to expend such funds as itdeems necessary to provide retirement and disability compensation for itsemployees. (1925, c. 318, s. 7; 1953, c. 805, s. 1; 1959, c.1184.)