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(b) The fact of the holding of bonds hereunder by any bondholder and the amount and the numbers of such bonds and the date of his holding the same (unless such bonds be registered) may be proved by the affidavit of the person claiming to be such holder, if such affidavit shall be deemed by the Secretary of the Board to be satisfactory, or by a certificate executed by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by the Secretary of the Board to be satisfactory, showing that at the date therein mentioned such person had on deposit with or exhibited to such trust company, bank, banker or other depositary the bonds described in such certificate. The Secretary of the Board may conclusively assume that such ownership continues until written notice to the contrary is served upon it. The ownership of registered bonds shall be proved by the registration books kept under the provisions of Section 206 of this Resolution.

Section 1002. All covenants, stipulations, obligations and agreements of the Board contained in this Resolution shall be deemed to be convenants, stipulations, obligations and agreements of the Board to the full extent authorized or permitted by law, and all such covenants, stipulations, obligations and agreements shall be binding upon the successor or successors thereof from time to time and upon any officer, board, body or commission to whom or to which any power or duty affecting such covenants, stipulations, obligations and agreements shall be transferred by or in accordance with law.

No covenant, stipulation, obligation or agreement herein contained shall be deemed to be a covenant, stipulation, obligation or agreement of any present or future member, agent or employee of the Board in his individual capacity, and neither the members of the Board or of any other agency of the State of North Carolina nor any officer thereof, present or future, executing the bonds shall be liable personally on the bonds or be subject to any personal liability or accountability by reason of the issuance thereof.

Section 1003. All rights, powers and privileges conferred and duties and responsibilities imposed upon the Board by the provisions of this Resolution may be exercised or performed by or at the direction of the Executive Committee.

Section 1004. Any notice, demand, direction, request or other instrument authorized or required by this Resolution to be given to or filed with the Board shall be deemed to have been sufficiently given or filed for all purposes of this Resolution if and when sent by registered mail, return receipt requested, to the Board of Trustees of The University of North Carolina, Consolidated Office, Chapel Hill, North Carolina.

Section 1005. Any bank or trust company with or into which any Paying Agent may be merged or consolidated, or to which the assets and business of such Paying Agent may be sold, shall be deemed the successor of such Paying Agent for the purposes of this Resolution. If the position of any Paying Agent shall become vacant for any reason, the Board shall, within thirty (30) days thereafter, appoint a bank or trust company located in the City of Raleigh, North Carolina, or in the Borough of Manhattan, City and State of New York, as the case may be, as Paying Agent to fill such vacancy.

Section 1006. Except as herein otherwise expressly provided, nothing in this Resolution expressed or implied is intended or shall be construed to confer upon any person, firm or corporation other than the parties hereto and the holders of the bonds issued under and secured by this Resolution any right, remedy or claim, legal or equitable, under or by reason of this Resolution or any provision hereof, this Resolution and all its provisions being intended to be and being for the sole and exclusive benefit of the parties hereto and the holders from time to time of the bonds issued hereunder.