Repeals the Charter of the Town of Spencer Mountain (SL 1963-473, as amended by SL 1967-567).

Directs that all monies and assets held by the Town of Spencer Mountain (Town) are to be placed under the control of the State Treasurer, to be held for the Town. Provides that Article 3 of GS Chapter 159, The Local Government Budget and Fiscal Control Act, will not apply during the suspension period. Establishes that any monies due to the Town from the State are to be delivered to the Gaston County Board of Commissioners for use by the County and all other monies due and payable to the Town are to be collected by the State Treasurer to be held for the Town.

Directs the State Treasurer to determine how the monies and assets placed under the control of the State Treasurer are to be held. Allows the State Treasurer to require an annual report or accounting on those monies and assets. 

Prohibits the Gaston County Board of Elections from conducting any elections for mayor or commissioner of the Town during the suspension.

Provides that the individuals holding elected office in the Town on the effective date of this act may continue to hold themselves out as elected officials of the Town until an election is next certified for the Town.

Effective July 1, 2016, and expires June 30, 2019. Provides that no audit is to be required for any fiscal year, or portion thereof, during the period of repeal.