NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 752

SENATE BILL 696

AN ACT TO AMEND CHAPTER 164, PRIVATE LAWS OF 1929, RELATING TO THE EMERGENCY RESERVE FUND OF THE CITY OF GREENSBORO.

The General Assembly of North Carolina do enact:

Section 1.  Chapter 164, Private Laws of 1929, as amended by Chapter 323, Session Laws of 1945, is hereby amended by adding a new sentence at the end of Section 4 thereof to read as follows:

"The board may also invest funds received under this Act in life insurance contracts with insurance companies authorized to do business in North Carolina."

Sec. 2. Chapter 164, Private Laws of 1929, as amended by Chapter 129, Session Laws of 1967, is hereby amended by striking out the words "up to an amount not to exceed one hundred per cent (100%) of those benefits offered thereunder." appearing in lines 12, 13 and 14 of Section 11.1 thereof and by substituting in lieu thereof the words "as determined by the Board of Directors based upon actuarial recommendations as herein provided and consistent with sound actuarial practices."

Sec. 3. Chapter 164, Private Laws of 1929, as amended by Chapter 129, Session Laws of 1967, is hereby amended by striking out the words "an accredited actuarial firm." appearing in line 23 of Section 11.1 thereof and substituting in lieu thereof the words "a qualified actuary."

Sec. 4. All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 5. This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 9th day of June, 1969.