NORTH CAROLINA GENERAL ASSEMBLY

1961 SESSION

 

 

CHAPTER 397

HOUSE BILL 186

 

 

AN ACT RELATING TO INVESTMENT OF FUNDS OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE LOCAL GOVERNMENTAL EMPLOYEES' RETIREMENT SYSTEM AND THE LAW ENFORCEMENT OFFICERS' BENEFIT AND RETIREMENT FUND.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Subdivision (6) of Subsection (a) of G.S. 128‑29 and Subdivision (6) of Subsection (a) of G.S. 135‑7, as they appear in the Cumulative Supplement to the General Statutes, and Subdivision (6) of Subsection (g) of G.S. 143‑166 are hereby amended by striking out the word "two" immediately following the word "the" and immediately preceding the word "highest" in line two of each such subdivision, and by inserting in lieu thereof in each such subdivision the word "three".

Sec. 2.  Subdivision (7) of Subsection (a) of G.S. 128‑29 and Subdivision (7) of Subsection (a) of G.S. 135‑7, as the same appear in the Cumulative Supplement to the General Statutes, and Subdivision (7) of Subsection (g) of G.S. 143‑166 are hereby amended by rewriting each such subdivision to read as follows:

"Notes secured by mortgages on real estate located within the State of North Carolina and insured by the Federal Housing Commissioner, or his successor or assigns, or in debentures issued by such commissioner, which are guaranteed as to principal and interest by the United States or by the Federal Housing Administration, an agency of the United States Government, or by some other agency of the United States Government."

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  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 4.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 9th day of May, 1961.