GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

H	1 

HOUSE BILL 2126

Short Title:  Clerks May Invest Gov. Notes.	(Public)
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Sponsors: Representative Hensley.
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Referred to:  Appropriations.
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June 13, 1994

A BILL TO BE ENTITLED
AN ACT TO ALLOW CLERKS OF COURT TO ACCEPT GOVERNMENT NOTES AS ACCEPTABLE COLLATERAL FOR DEPOSITS IN FINANCIAL INSTITUTIONS.
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 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 by virtue or color of his 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 obligations of the United States 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 obligations have been approved by the Local Government Commission."
Sec. 2.  This act is effective upon ratification.