1925_private laws_205_11
CHAPTER 204 AN ACT TO CHANGE THE NAME OF THE APPALACHIAN TRAINING SCHOOL AND TO OUTLINE ITS ORGANIZA- TION, POWERS AND DUTIES. The General Assembly of North Carolina do enact:
That the board of trustees are hereby authorized to establish a permanent endowment fund, to be loaned to needy and worthy students. The board may receive gifts and donations and may, after furnishing lights and power to the normal school, sell excess current, if any there shall be, at a rate approved by the Corporation Commission, to the people in the community, and set aside for said endowment any moneys coming to the institution from such sources. The board of trustees are hereby empowered to make rules and regulations for the proper safeguarding and loaning of said funds.