NORTH CAROLINA GENERAL ASSEMBLY

1959 SESSION

 

 

CHAPTER 612

HOUSE BILL 853

 

 

AN ACT TO AMEND HOUSE BILL NO. 295, RATIFIED APRIL 1, 1959, RELATING TO THE MORGANTON EMPLOYEES' RETIREMENT FUND.

 

The General Assembly of North Carolina do enact:

 

Section 1. Section 5 of House Bill No. 295, ratified April 1, 1959, is amended by adding at the end thereof the following:

"The Town of Morganton, or any governing body, agency, insurance company, person or other corporation contracting with the Town of Morganton for the investment, care or administration of said fund may invest and reinvest the funds constituting the said fund in one or more of the types of securities or other investments authorized by Section 58-79 of the General Statutes of North Carolina, as heretofore or hereafter amended, and by other State law, for the investment of assets of domestic life insurance companies."

Sec. 2. Section 6 of House Bill No. 295, ratified April 1, 1959, is amended by adding at the end thereof the following:

"Provided, however, nothing in this Act shall prohibit the Town of Morganton from providing or continuing to provide Old Age and Survivors' Insurance coverage, or Social Security coverage, for its officers and employees as the same may be authorized by Federal and State laws.

Sec. 3. All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4. This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 22nd day of May, 1959.