1925 public laws – Ch.318 Sec.7
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CHAPTER 318 AN ACT TO REGULATE THE PRACTICE OF GENERAL CONTRACTING. The General Assembly of North Carolina do enact:
The secretary-treasurer shall keep a record of the proceedings of the said board and shall receive and account for all moneys derived from the operation of this act. Any funds remaining in the hands of the secretary-treasurer to the credit of the board after the expenses of the board for the current year have been paid shall be paid over, share and share alike, to the University of North Carolina and to the North Carolina State College of Agriculture and Engineering for the use of their engineering departments. The board has the right, however, to retain at least ten per cent of the total expense it incurs for a years operation to meet any emergency that may arise.