NORTH CAROLINA GENERAL ASSEMBLY
1967 SESSION
CHAPTER 252
HOUSE BILL 414
AN ACT TO AMEND CERTAIN PRIVATE LAWS RELATING TO POLICE, FIREMEN AND GENERAL EMPLOYEES PENSION FUNDS IN THE CITY OF WILMINGTON.
The General Assembly of North Carolina do enact:
Section 1. Section 1, Chapter 1175, Session Laws of 1951, is amended by rewriting said Section in its entirety as follows:
"Section 1. That the Police Pension Fund of Wilmington, North Carolina, as created by Chapter 55, Private Laws of 1915 and laws amendatory thereof, shall be operated by a board of trustees as hereinafter set forth, and said board, when appointed as herein provided, shall have and be vested with all of the powers and duties as trustees as heretofore provided by the Acts aforesaid. Said board of trustees shall consist of four members, one member shall be appointed by the Council of the City of Wilmington, one member shall be appointed by the Wilmington Police Department, and the third member of said board shall be selected and appointed by the first two members appointed as aforesaid, and the Director of Finance of the City of Wilmington is hereby designated as a member of the board of trustees without voting power and all said members of said board shall serve without compensation."
Sec. 2. Chapter 55, Private Laws of 1915, is hereby amended by repealing Section 3 thereof and substituting in lieu thereof the following:
"Sec. 3. The Director of Finance shall be the Treasurer for the fund herein provided for and all securities and property held or hereafter acquired under and by virtue of this Act and all funds to be raised, shall be collected, kept and deposited by him to the credit of such fund in banks or trust companies to be selected by him subject to the approval of said board of trustees and to their control as in this Act provided. All payments by or on behalf of said fund shall be made by him on vouchers to be filed with him by means of checks."
Sec. 3. Chapter 26, Private Laws of 1937, is hereby amended by substituting the words "Director of Finance" in said Act for the words "City Clerk and Treasurer" wherever the same shall appear in said Act and is further amended by striking from Section 1, lines 19 through 21, of said Act, the following punctuation and words:
", and shall receive for his services a compensation to be allowed by the board of trustees for the Treasurer or clerical assistance." Section 1 is further amended by placing a period after the word "Fund" in line 19 thereof.
Sec. 4. Chapter 708, Session Laws of 1943, is hereby amended by substituting the words "Director of Finance" for the words "City Clerk" in line 8 of Section 1 thereof.
That Section 1 be further amended by rewriting the second paragraph thereof to read as follows:
"That the Director of Finance or any other person selected by the trustees shall be the Clerk and Treasurer of said retirement fund and shall receive no compensation for his services."
Sec. 5. Section 7(a) of Chapter 708, Session Laws of 1943, is amended by rewriting said Section in its entirety as follows:
"That the Director of Finance shall cause to be deducted four per cent (4%) from the monthly salary of each employee member and pay said amount to the retirement fund."
Sec. 6. All laws and clauses of laws in conflict with this Act are hereby repealed.
Sec. 7. This Act shall be in full force and effect from and after its ratification.
In the General Assembly read three times and ratified, this the 28th day of April, 1967.