NORTH CAROLINA GENERAL ASSEMBLY
1965 SESSION

CHAPTER 415
HOUSE BILL 247

AN ACT TO AMEND CHAPTERS 135 AND 128 OF THE GENERAL STATUTES RELATING TO INVESTMENTS OF TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM AND THE LOCAL GOVERNMENTAL RETIREMENT SYSTEM.

The General Assembly of North Carolina do enact:

Section 1.  Subdivision (8) of G.S. 135-7.2, as the same appears in the 1964 Replacement Volume of the General Statutes, is hereby amended by striking out the words "ten per centum" in line 2 and inserting in lieu thereof the words "fifteen per centum", by striking out all of the subdivision (c) of said subdivision (8), and by redesignating subdivision (d) of said subdivision (8) as subdivision (c), it being the intent and purpose of this amendment to increase from ten per centum (10%) to fifteen per centum (15%) the maximum value of funds which may be invested in common and preferred stocks, and to eliminate the restriction that not more than one and one-half per centum (l x /2%) of the total value of such invested funds shall be invested in stocks during any year.
Sec. 2.  Subdivision (8) of G.S. 128-29.1, as the same appears in the 1964 Replacement Volume of the General Statutes, is hereby amended by striking out the words "ten per centum" in lines 1 and 2 and inserting in lieu thereof the words "fifteen per centum", by striking out all of the subdivision (c) of said subdivision (8), and by redesignating subdivision (d) of said subdivision (8) as subdivision (c), it being the intent and purpose of this amendment to increase from ten per centum (10%) to fifteen per centum (15%) the maximum value of funds which may be invested in common and preferred stocks, and to eliminate the restriction that not more than one and one-half per centum (1 1/2 %) of the total value of such invested funds shall be invested in stocks during any year.
Sec. 3.  All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 4.  This Act shall become effective July 1, 1965.
In the General Assembly read three times and ratified, this the 5th day of May, 1965.