140-5.16. Gifts; special fund; exemption from taxation.
(a) All gifts of money to the North Carolina Museum of Art and all interest earned thereon shall be paid into the State treasury and maintained as a fund to be designated "The North Carolina Museum of Art Special Fund."
(b) All gifts made to the North Carolina Museum of Art shall be exempt from every form of taxation including, but not by way of limitation, ad valorem, intangible, gift, inheritance, and income taxation. (1961, c. 731; 1979, 2nd Sess., c. 1306, s. 1.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 140 - State Art Museum; Symphony and Art Societies
Article 1B - North Carolina Museum of Art.
§ 140-5.12 - Agency of State; functions.
§ 140-5.13 - Board of Trustees.
§ 140-5.14 - Board of Trustees powers and duties.
§ 140-5.15 - Director of Museum of Art; appointment; dismissal; powers and duties; staff.