NORTH CAROLINA GENERAL ASSEMBLY

1965 SESSION

 

 

CHAPTER 820

HOUSE BILL 924

 

 

AN ACT TO AMEND CHAPTER 298, SESSION LAWS OF 1945, AS AMENDED BY CHAPTER 391, SESSION LAWS OF 1961, TO PERMIT THE FORSYTH COUNTY EMPLOYEES RETIREMENT FUND TO BE INVESTED IN THOSE TYPES OF SECURITIES OR OTHER INVESTMENTS AUTHORIZED BY LAW FOR THE INVESTMENT OF ASSETS OF DOMESTIC LIFE INSURANCE COMPANIES.

 

The General Assembly of North Carolina do enact:

Section 1. Chapter 298, Session Laws of 1945, as amended by Chapter 391, Session Laws of 1961, is hereby further amended by adding at the end of Section 5 thereof the following:

"Provided, the limitation imposed under the provisions of Section 58-79 of the General Statutes of North Carolina upon investments in stock or shares of any corporation shall be interpreted as limitations upon the cost price of stocks and not as limitations upon the market value of such stocks or shares."

Sec. 2. All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3. This Act shall be in full force and effect, retroactively, from and after the 9th day of May, 1961.

In the General Assembly read three times and ratified, this the 4th day of June, 1965.