NORTH CAROLINA GENERAL ASSEMBLY

1961 SESSION

 

 

CHAPTER 477

HOUSE BILL 609

 

 

AN ACT TO PROVIDE FOR THE INVESTMENT OF CUSTODIAN FUNDS IN LIFE INSURANCE.

 

The General Assembly of North Carolina do enact:

 

Section 1.  The North Carolina Uniform Gifts to Minors Act is hereby amended by changing the period at the end of Sub‑paragraph (e) of Section 33‑71 of the General Statutes to a comma, and by adding thereto the following:

"or use funds in his custody to purchase a policy or policies of insurance on the life of the minor, and to pay the premiums thereon, if such should be deemed advisable. The designated beneficiary of any such policy of insurance held by a custodian shall be the minor's estate or any dependent of said minor".

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 23rd day of May, 1961.