NC H154

NCInnovation must transfer back to the State all funds received (excluding certain excluded amounts and interest on those amounts) and all assets acquired with State funds, under direction from the State Controller

Returned funds will be deposited into the General Fund but remain unappropriated until the General Assembly appropriates them in a subsequent act

Article 76A of Chapter 143 of the General Statutes (governing NCInnovation) will be repealed 60 days after the act becomes law

The bill effectively dissolves the State's relationship with NCInnovation, treating the organization as if it were dissolved under Chapter 55A of the General Statutes