On October 8, 1999, the Board of Governors approved the following changes to its policy on
Endowment Funds under N.C.G.S. § 116-36 (Administrative Manual, VI-B-1):

A.Regulations for Endowment Property Exclusively for the Benefit of
One Constituent Institution.

4.The Board of Trustees of the endowment fund shall consist of no
fewer than six members and no more than nine members, as determined

by the Board of Trustees of the constituent institution. One member of
the Board of Trustees of the endowment fund shall be the chairman of
the Board of Trustees of the constituent institution, one member shall be
the chancellor of the constituent institution, and a third ex officio

member shall be designated by the Board of Trustees of the constituent

institution from among the officers of that board or of the committees of

that board. The remainder of the members may be (but need not be)

members of the Board of Trustees of the constituent institution and shall
be elected by the Board of Trustees of the constituent institution for
overlapping terms of three years each. The terms of the three elected
members of the Board of Trustees shall be initially for one, two, and
three years each. All elections thereafter shall be for a regular term of
three years, except that any person elected by the Board of Trustees to
fill a vacancy created otherwise than by the expiration of a term shall be
elected to serve the remainder of the term of the person whom he or she
succeeds. The chairman of the Board of Trustees of the constituent
institution shall be ex officiothe chairman of the Board of Trustees of the
endowment fund of that institution. The Board of Trustees of the
endowment fund may establish procedures, consistent with these
regulations, for executing business and shall at least establish a quorum
and a necessary vote for the transaction of business and require the
keeping of minutes for meetings of the endowment board.