GENERAL ASSEMBLY OF NORTH CAROLINA

1987 SESSION

 

 

CHAPTER 18

SENATE BILL 19

 

AN ACT TO PERMIT ALCOHOLIC BEVERAGE LICENSEES WHO ARE REQUIRED TO FURNISH A BOND TO PLEDGE GOVERNMENT BONDS AS COLLATERAL RATHER THAN OBTAIN A BOND FROM A CORPORATE SURETY.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 105-113.86 is amended as follows:

(1)       by deleting the phrase ", secured by a corporate surety," each time it appears in that section; and

(2)       by rewriting the second sentences of subsections (a) and (b) to read:

"The bond shall be conditioned on compliance with this Article, shall be payable to the State, shall be in a form acceptable to the Secretary, and shall be secured by a corporate surety or by a pledge of obligations of the federal government, the State, or a political subdivision of the State."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified this the 18th day of March, 1987.