NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 717

SENATE BILL 859

 

 

AN ACT TO AMEND CERTAIN PROVISIONS TO CLARIFY THAT THE STATE TREASURER MAY MAKE INVESTMENTS IN SHARES OF OR DEPOSITS IN CERTAIN SAVINGS AND LOAN ASSOCIATIONS AND TO AUTHORIZE PERSONAL REPRESENTATIVES OR FIDUCIARIES TO MAKE DEPOSITS IN INSURED INTEREST-BEARING ACCOUNTS OF CREDIT UNIONS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 147-69.1(c)(4), as enacted by this General Assembly, 1979 Session, is amended by adding thereto the following new paragraph d.

"d.        Shares of or deposits in any savings and loan association organized under the laws of the State of North Carolina, or any federal savings and loan association having its principal office in North Carolina; provided that any monies invested in such shares or deposits in excess of the amount insured by the federal government or an agency thereof, or by a mutual deposit guaranty association authorized by the Administrator of the Savings and Loan Division of the Department of Commerce of the State of North Carolina, be fully secured by surety bonds, or be fully collateralized."

Sec. 2.  G.S. 159-30 c(7) is amended by adding the following:

"Any form of investment allowed by law to the State Treasurer under G.S. 147-69.1."

Sec. 3.  G.S. 28A-13-3(6) is amended by adding thereto the following sentence:

"Provided, that in addition to the types of investments hereby authorized, deposits in interest-bearing accounts of any credit union authorized to do business in this State, when such deposits are insured in the same manner as required by G.S. 147-69.1 for deposits in a savings and loan association, are hereby authorized."

Sec. 4.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 30th day of May, 1979.