GENERAL ASSEMBLY OF NORTH CAROLINA
1997 SESSION
S.L. 1997-10
The General Assembly of North Carolina enacts:
Section 1. G.S. 14-309.15(d) reads as rewritten:
"(d) The maximum cash
prize that may be offered or paid for any one raffle is five thousand
dollars ($5,000) ten thousand dollars ($10,000) and if merchandise
is used as a prize, and it is not redeemable for cash, the maximum fair market
value of that prize may be twenty-five thousand dollars ($25,000). fifty
thousand dollars ($50,000). No real property may be offered as a
prize in a raffle. The total cash prizes offered or paid by any nonprofit
organization or association may not exceed ten thousand dollars ($10,000) in
any calendar year. The total fair market value of all prizes offered by
any nonprofit organization or association, either in cash or in merchandise
that is not redeemable for cash, may not exceed fifty thousand dollars
($50,000) in any calendar year."
Section 2. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 18th day of March, 1997.
s/ Dennis A. Wicker
President of the Senate
s/ Harold J. Brubaker
Speaker of the House of Representatives
This bill having been presented to the Governor for his signature on the 19th day of March, 1997 and the Governor having failed to approve it within the time prescribed by law, the same is hereby declared to have become a law.
This 30th day of March, 1997
s/ Tabatha L. Cruden, Enrolling Clerk