GENERAL ASSEMBLY OF NORTH CAROLINA
1993 SESSION
CHAPTER 656
The General Assembly of North Carolina enacts:
Section 1. G.S. 7A-112(a) reads as rewritten:
"(a) The clerk of the
superior court may in his discretion invest moneys secured by virtue or color
of his the clerk's office or as receiver in any of the following
securities:
(1) Obligations of the United States or obligations fully guaranteed both as to principal and interest by the United States;
(2) Obligations of the State of North Carolina;
(3) Obligations of North Carolina cities or counties approved by the Local Government Commission; and
(4) Shares of any building
and loan association organized under the laws of this State, or of any federal
savings and loan association having its principal office in this State, and
certificates of deposit for time deposits or savings accounts in any bank or
trust company authorized to do business in North Carolina, to the extent in
each instance that such shares or deposits are insured by the State or federal
government or any agency thereof or by any mutual deposit guaranty association
authorized by the Administrator of the Savings Institutions Division of North
Carolina to do business in North Carolina pursuant to Article 7A of Chapter 54
of the General Statutes. If the clerk desires to deposit in a bank,
saving and loan, or trust company funds entrusted to him the clerk by
virtue or color of his the clerk's office, beyond the extent that
such deposits are insured by the State or federal government or an agency
thereof or by any mutual deposit guaranty association authorized by the
Administrator of the Savings Institutions Division of North Carolina to do
business in North Carolina pursuant to Article 7A of Chapter 54 of the General
Statutes, the clerk shall require such depository to furnish a corporate surety
bond or bonds obligations of the United States government or
obligations fully guaranteed both as to principal and interest by the United
States or obligations of the State of North Carolina, or of counties
and municipalities of North Carolina whose bonds obligations have
been approved by the Local Government Commission."
Sec. 2. This act is effective upon ratification.
In the General Assembly read three times and ratified this the 1st day of July, 1994.
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Dennis A. Wicker
President of the Senate
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Daniel Blue, Jr.
Speaker of the House of Representatives