Chapter 35
The North Carolina Masonic Foundation, Incorporated
The North Carolina Masonic Foundation, Incorporated, a corporation under the laws of the State of North Carolina, shall be managed by a board of directors as provided in its by-laws, the Grand Lodge, at each annual communication, shall nominate a director to succeed the director whose term will next expire and shall nominate a director to serve the remaining term of any director whose seat has become vacant for any reason. [27-4; 27-7; 21-5]. (This regulation amended, effective October 1, 2022.)
1. The period of service of the members of this board is arranged in such manner that the term of one of them expires at each successive annual communication, at which time the Grand Lodge shall elect his successor. Each director shall continue to serve until his successor shall have been elected and shall have assumed his duties as a director.
2. Each director shall be and remain a resident of the State of North Carolina and a member in good standing in a subordinate lodge holding charter under the Grand Lodge. Removal from the State of North Carolina or ceasing to be a member in good and regular standing in a subordinate lodge shall be equivalent to resignation from the Board of Directors. (27-6).
3. Any vacancy on the Board of Directors shall be filled by appointment of the Grand Master until the next regular annual communication of the GrandLodge at which time the Grand Lodge shall fill the vacancy for the unexpired term.
4. The Grand Lodge may at any time by a two-thirds majority vote declare vacant the office of any or all members of the Board of Directors and may elect successors to serve the unexpired term of any member whose office shall be declared vacant.
The North Carolina Masonic Foundation, Incorporated, is hereby named custodian of such funds and other property of the Grand Lodge as have been, or hereafter may be, placed in its charge. In the absence of specific instructions of the Grand Lodge, and except where otherwise expressly directed by a will, deed of gift, or instrument of trust, if any, this foundation shall manage and control, invest and reinvest all such funds as the Board of Directors in its discretion may deem proper and for the best interest of the Grand Lodge, always with the view of safety of the principal, rather than the amount of income received.
1. The said Foundation, its officers, agents, and directors shall punctually and fully obey and observe all orders, dispositions, instructions, and directives given to them, from time to time, by the Grand Lodge in regard to the funds, securities, or other property belonging to the Grand Lodge in their care and under their control.
2. It shall keep and maintain such separate funds as the Grand Lodge may direct from time to time and it shall render a proper and separate accounting for each such fund.
3. It shall annually, or oftener if required by the Grand Master or the Grand Lodge, make a report to each of them, setting forth in detail the transactions affecting each of the funds in its charge, giving an itemized inventory of all items of money, securities, and other property in its care together with a full and clear accounting of its assets and liabilities and such other information as may be of interest to the Grand Lodge.
Nothing in this chapter shall be construed so as to interfere with the provisions in a will, a deed of gift, a deed of trust, or other instrument or the conditions of a gift, under which the Grand Lodge shall receive a legacy or gift, requiring or directing the investment of such fund or gift in any specific securities, or directing the continuance of any investment which is the subject of a trust.
REG. 35-4 NO LOANS TO ANY MASONIC BODY.
The funds of the North Carolina Masonic Foundation shall not be loaned directly or indirectly to any Masonic body. [60-6].