The Board of Trustees is authorized to establish a permanent endowment fund, and shall perform such duties in relation thereto as are prescribed by the provisions of Article 1, Chapter 116, of the General Statutes. The proceeds in this fund are appropriated as provided by N.C. Gen. Stat. § 116-36 (1963, c. 1116; 1971, c. 1244, s. 13; 2006-203, s. 51.1.)