NORTH CAROLINA GENERAL ASSEMBLY
1961 SESSION

CHAPTER 974
SENATE BILL 342

AN ACT TO AMEND CHAPTER 1371 OF THE SESSION LAWS OF 1957 RELATING TO THE NORTH CAROLINA STONEWALL JACKSON MEMORIAL FUND.

The General Assembly of North Carolina do enact:
Section 1.  Section 1 of Chapter 1371 of the Session Laws of 1957 is amended by rewriting the Section to read as follows:
"Section 1.  There is hereby created and established the North Carolina Stonewall Jackson Memorial Scholarship Fund. This fund is to be composed of the monies hereinafter appropriated in this Act, together with any donations to the principal of the fund by interested persons. The purpose of this fund is to memorialize that great American and Confederate General, 'Stonewall' Jackson, through a program of scholarships at the University of North Carolina at Chapel Hill. The benefits of this fund shall accrue only to legal residents of North Carolina."
Sec. 2.  Section 2 of Chapter 1371 of the Session Laws of 1957 is amended by rewriting the Section to read as follows:
"Sec. 2.  The funds hereinafter appropriated, with any additions thereto, shall be held in trust by the University of North Carolina at Chapel Hill. The principal of the fund shall be held intact and shall be invested by the University in accordance with its customary investment procedures and policies relating to trust funds. The income from the fund shall be used for the purpose of awarding scholarships to be known as the 'Stonewall Jackson Memorial Scholarships'. The time of award, the number of scholarships, and the amount of each scholarship shall be in the discretion of the chief administrative officer of the University of North Carolina at Chapel Hill. In his discretion, the chief administrative officer of the University of North Carolina at Chapel Hill may delegate his responsibilities with regard to these scholarships to the University Scholarship Committee or to any other administrative agency appointed by him to award financial aid to students. The basis of making the awards shall be in the discretion of the chief administrative officer of the said University. It is not intended that the income of this fund shall be added to the principal. The scholarships are to be considered as grants‑in‑aid of education to student beneficiaries enrolled in the University of North Carolina at Chapel Hill and are not to be repaid."
Sec. 3.  Section 3 of Chapter 1371 of the Session Laws of 1957 is amended by adding at the end of said Section a sentence to read as follows:
"The funds in the hands of the Board of Trustees of the North Carolina Stonewall Jackson Memorial Fund shall be transferred by said board to the University of North Carolina at Chapel Hill to be used as herein provided."
Sec. 4.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 5.  This Act shall be in full force and effect as of July 1, 1961.
In the General Assembly read three times and ratified, this the 17th day of June, 1961.