NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 580

SENATE BILL 226

 

 

AN ACT AMENDING SECTION 54-21.2(a) AND (b) OF THE GENERAL STATUTES SO AS TO PERMIT INVESTMENTS FOR THE PURPOSE OF MAKING COLLEGE AND OTHER EDUCATIONAL LOANS AND TO MAKE LOANS PERMITTED BY FEDERAL SAVINGS AND LOAN ASSOCIATIONS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Subparagraph (a) of Section 54-21.2 of the General Statutes is hereby amended by striking the period on line 15 at the end of the subparagraph and inserting in lieu thereof a semicolon and by adding after the semicolon the following language:

"in stock and obligations of any corporation doing business in North Carolina or of any agency of the State of North Carolina or of the United States where the principal business of such corporation or agency is to make loans for the financing of a college education and other educational loans, provided that each savings and loan association shall determine and be limited to an investment in such stock and obligations which shall not exceed a maximum of one per cent (1%) of the total outstanding loans made by each such savings and loan association."

Sec. 2.  Subparagraph (b) of Section 54-21.2 of the General Statutes is hereby amended by striking from line 4 following the word "association" the language "whose home office is located in this State" and inserting in lieu thereof the following language:

"by the Congress of the United States, Federal Home Loan Bank Board and the Federal Savings & Loan Insurance Corporation."

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  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 4.  This Act shall be effective from and after the date of its ratification.

In the General Assembly read three times and ratified, this the 24th day of May, 1967.