§ 143-202. Exempt from taxation; gifts and donations.
§ 143‑202. Exemptfrom taxation; gifts and donations.
The said Association is and shall be an educational and charitableassociation within the meaning of the laws of the State of North Carolina, andthe property and income of such Association, real and personal, shall be exemptfrom all taxation. The said Association is authorized and empowered to receivegifts and donations and administer the same for the charitable and educationalpurposes for which the Association is formed and in keeping with the will ofthe donors, and such gifts and donations to the extent permitted by law shallbe exempted from the purpose of income taxes and gift taxes. (1945, c. 953, s. 4.)