State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_115C > GS_115C-491

§ 115C‑491.  Boardsof trustees public corporations; powers and authority generally; investments.

Any board of trustees created and organized under this Article shall bea body politic, public corporation and instrumentality of government and assuch may sue and be sued in matters relating to the endowment fund and shallhave the power and authority to acquire, hold, purchase and invest in all formsof property, both real and personal, including, but not by way of limitation,all types of stocks, bonds, securities, mortgages and all types, kinds andsubjects of investments of any nature and description. The board of trustees ofsaid endowment fund may receive pledges, gifts, donations, devises andbequests, and may in its discretion retain such in the form in which they aremade, and may use the same as a permanent endowment fund. The board of trusteesof any endowment fund created hereunder shall have the power to sell anyproperty, real, personal or choses in action, of the endowment fund, at eitherpublic or private sale. The board of trustees shall be responsible for theprudent investment of any funds or moneys belonging to the endowment fund inthe exercise of its sound discretion without regard to any statute or rule oflaw relating to the investment of funds by fiduciaries. (1961, c. 970; 1981, c. 423, s. 1.)