Repeals Part 22 of Article 7 in GS Chapter 143B (NC Zoological Park Council) and rewrites Article 14 (NC Zoological Authority) in GS Chapter 143 as follows. Directs the Department of Environment and Natural Resources (DENR) to enter into a management agreement with the NC Zoological Society (Society) to maintain and operate the zoo for a term not to exceed 25 years, with options to renew. Provides for transfer to the Society on January 1, 2013, and directs the Society to fulfill specified duties. Specifies that all state-owned property remains under state title, and grants the Society naming rights on state-owned land or fixtures. Appropriates $10 million annually to the Society for management expenses, except appropriates $5 million for 2012-13. Provides for allocations from the Reserve for Repair and Renovation, as detailed, and appropriates $3.2 million for 2012-13 to DENR for transition expenses. Specifies that the state retains design and construction oversight for capital improvement projects on state lands or when state funds are used, as follows: (1) requires state approval for projects costing over $2 million and (2) permits the Society to supervise certain aspects of projects costing $2 million or less. Authorizes DENR and the Society to enter into the management agreement at any time before January 1, 2013, the effective date of the bill. Makes conforming changes.