GENERAL ASSEMBLY OF NORTH CAROLINA
1985 SESSION

CHAPTER 538 
HOUSE BILL 749 

AN ACT TO CLARIFY CHAPTER 36A REGARDING THE INVESTMENT BY A TRUSTEE IN UNITED STATES GOVERNMENT OBLIGATIONS. 

The General Assembly of North Carolina enacts:

Section 1.  G.S. 36A-3 is amended by adding at the end a new subsection (c) to read: 
"(c)	Whenever a fiduciary holding funds for investment is directed, required, authorized, or permitted by an instrument creating the fiduciary relationship to invest in United States government obligations, the fiduciary may, in the absence of an express prohibition in the instrument, invest in and hold such obligations either directly or in the form of interests in a money market mutual fund registered under the Investment Company Act of 1940, 15 U.S.C. §§ 80a-1, et seq., as from time to time amended, the portfolio of which is limited to United States government obligations and repurchase agreements fully collateralized thereby." 
Sec. 2.  This act shall become effective October 1, 1985, and applies to such instruments whether created before or after October 1, 1985. 
In the General Assembly read three times and ratified, this the 1st day of July, 1985.