§ 115C-490 Creation of endowment funds; administration
§ 115C-491 Boards of trustees public corporations; powers and authority generally; investments
§ 115C-492 Expenditure of funds; pledges
§ 115C-493 When only income from fund expended
§ 115C-494 Property and income of board of trustees exempt from State taxation
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Terms Used In North Carolina General Statutes > Chapter 115C > Article 35 - Voluntary Endowment Fund for Public Schools

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Donor: The person who makes a gift.
  • Ex officio: Literally, by virtue of one's office.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
  • Statute: A law passed by a legislature.