2005 North Carolina Code - General Statutes § 36B-3. Rule of construction.

§ 36B‑3.  Rule of construction.

G.S. 36B‑2 does not apply if the applicable gift instrument indicates the donor's intention that net appreciation shall not be expended. A restriction upon the expenditure of net appreciation may not be implied from a designation of a gift as an endowment, or from a direction or authorization in the applicable gift instrument to use only "income," "interest," "dividends," or "rents, issues or profits," or "to preserve the principal intact," or a direction which contains other words of similar import. This rule of construction applies to gift instruments executed or in effect before or after July 1, 1985. (1985, c. 98, s. 1.)