AN ACT TO MAKE VARIOUS STATUTORY CHANGES RELATED TO CREDIT UNIONS.
Amends GS 47C-4-110(a) (Escrow of deposits), GS 42-50 (Deposits from the tenant), and GS 42A-15 (Trust account uses) to provide that the deposits made under these provisions must be made in a federally insured depository institution lawfully doing business in North Carolina.
Amends GS 54-109.82, which provides that the capital, deposits, undivided profits, and reserve fund of the corporation may be invested only in the ways identified in this statute. Expands the investment options to make it permissible to invest in higher education bonds that pledge the taxing power of the state for payment of the principal and interest on bonds and notes.
Amends GS 54-109.38 regarding compensation of officials such as the board of directors or committee members. Specifies that while on official business of the credit union, directors and committee members may be reimbursed for reasonable and necessary expenses incidental to the performance of the business. Provides that the reimbursement may include the payment of expenses for one guest.
© 2020 School of Government The University of North Carolina at Chapel Hill
This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.
Beginning January 1, you do not need to log in to view the Daily Bulletin, Bills and Bill Summaries.