§ 116-3. Incorporation and corporate powers.
Part 2. Organization, Governance and Property of theUniversity.
§ 116‑3. Incorporation and corporate powers.
The Board of Trustees of the University of North Carolina is herebyredesignated, effective July 1, 1972, as the "Board of Governors of theUniversity of North Carolina." The Board of Governors of the University ofNorth Carolina shall be known and distinguished by the name of "theUniversity of North Carolina" and shall continue as a body politic andcorporate and by that name shall have perpetual succession and a common seal.It shall be able and capable in law to take, demand, receive, and possess allmoneys, goods, and chattels that shall be given for the use of the University,and to apply to same according to the will of the donors; and by gift,purchase, or devise to receive, possess, enjoy, and retain forever any and allreal and personal estate and funds, of whatsoever kind, nature, or quality thesame may be, in special trust and confidence that the same, or the profitsthereof, shall be applied to and for the use and purpose of establishing andendowing the University, and shall have power to receive donations from anysource whatever, to be exclusively devoted to the purposes of the maintenanceof the University, or according to the terms of donation.
The corporation shall be able and capable in law to bargain, sell, grant, alien, or dispose of and convey and assure to the purchasers any and allsuch real and personal estate and funds as it may lawfully acquire when thecondition of the grant to it or the will of the devisor does not forbid it; andshall be able and capable in law to sue and be sued in all courts whatsoever;and shall have power to open and receive subscriptions, and in general may doall such things as are usually done by bodies corporate and politic, or such asmay be necessary for the promotion of learning and virtue. (1971, c. 1244, s. 1.)