115C-493. When only income from fund expended.
Where the donor of said pledges, gifts, donations, and devises so provides, the board of trustees shall keep the principal of such gift or gifts intact and only the income therefrom may be expended. (1961, c. 970; 1981, c. 423, s. 1; 2011-284, s. 80.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 115C - Elementary and Secondary Education
Article 35 - Voluntary Endowment Fund for Public Schools.
§ 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.