NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

 

 

CHAPTER 481

SENATE BILL 672

 

 

AN ACT TO AMEND G.S. 159-30(c)(5) IN ORDER TO UPDATE LANGUAGE ALLOWING INVESTMENT OF IDLE FUNDS BY LOCAL GOVERNMENT OFFICIALS IN SAVINGS AND LOAN ASSOCIATIONS.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 159-30(c)(5) is repealed and replaced by a new G.S. 159-30(c)(5) to read as follows:

"(5)      Savings certificates, investment certificates, shares of or deposits in any savings and loan association organized under the laws of this State and savings certificates, investment certificates, shares of or deposits in any federal savings and loan association having its principal office in this State to the extent that the investment in such certificates, shares or deposits is fully insured by the United States of America or an agency thereof or by any mutual deposit guaranty association authorized by the Administrator of the Savings and Loan Division of the State to do business in North Carolina pursuant to Article 7A of Chapter 54 of the General Statutes."

Sec. 2.  This act shall become effective upon ratification.

In the General Assembly read three times and ratified, this the 4th day of June, 1975.