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.
N.C. Gen. Stat. § 115C-493
When only income from fund expended
1961, c. 970; 1981, c. 423, s. 1; 2011-284, s. 80.
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.