North Carolina General Statutes 116-41.17. Distinguished Professors Endowment Trust Fund; establishment of chairs
When the sum of the challenge grant and matching funds in the Distinguished Professors Endowment Trust Fund reaches:
(1) One million dollars ($1,000,000), if the sum of funds described in N.C. Gen. Stat. § 116-41.15(a)(1) or N.C. Gen. Stat. § 116-41.15(b)(1); or
(2) Five hundred thousand dollars ($500,000), if the sum of funds described in N.C. Gen. Stat. § 116-41.15(a)(2) or N.C. Gen. Stat. § 116-41.15(b)(2); or
(3) An amount up to two million dollars ($2,000,000), if the sum of funds described in N.C. Gen. Stat. § 116-41.15(a)(3) or N.C. Gen. Stat. § 116-41.15(b)(3);
the board of trustees may recommend to the Board, for its approval, the establishment of an endowed chair or chairs. The Board, in considering whether to approve the recommendation, shall include in its consideration the programs already existing in The University of North Carolina. If the Board approves the recommendation, the chair or chairs shall be established. The chair or chairs, the property of the constituent institution, may be named in honor of a donor, benefactor, or honoree of the institution, at the option of the board of trustees. (1985, c. 757, s. 202; 2005-276, s. 9.21(c).)
Terms Used In North Carolina General Statutes 116-41.17
- Board: means the Board of Governors of the University of North Carolina. See North Carolina General Statutes 116-2
- Board of trustees: means the board of trustees of a constituent institution. See North Carolina General Statutes 116-2
- Donor: The person who makes a gift.
- institution: means one of the 16 public institutions of higher education, to wit, the University of North Carolina at Chapel Hill, North Carolina State University at Raleigh, the University of North Carolina at Greensboro, the University of North Carolina at Charlotte, the University of North Carolina at Asheville, the University of North Carolina at Wilmington, Appalachian State University, East Carolina University, Elizabeth City State University, Fayetteville State University, North Carolina Agricultural and Technical State University, North Carolina Central University, North Carolina School of the Arts, redesignated effective August 1, 2008, as the "University of North Carolina School of the Arts" Pembroke State University, redesignated effective July 1, 1996, as the "University of North Carolina at Pembroke" Western Carolina University, and Winston-Salem State University, and the constituent high school, the North Carolina School of Science and Mathematics. See North Carolina General Statutes 116-2
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3