NORTH CAROLINA GENERAL ASSEMBLY
1979 SESSION

CHAPTER 809
HOUSE BILL 1370

AN ACT TO REQUIRE LOANS MADE TO SOCIETIES AND CERTAIN COPARTNERSHIPS AND CORPORATIONS AS MEMBERS OF A CREDIT UNION TO BE SECURED.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 54-109.27 is amended by adding a new sentence to read as follows:
"Provided, however, secured loans in excess of shareholdings may be made to nonprofit societies, copartnerships, and corporations who are members."
Sec. 2.  G.S. 54-109.82 is amended by adding a new subparagraph to read as follows: "(12) They may be placed on time deposits in any banks insured by the Federal Deposit Insurance Corporation or may be deposited or may be invested in any savings or building and loan association insured by the Federal Savings and Loan Insurance Corporation."
Sec. 3.  This act is effective upon ratification.
In the General Assembly read three times and ratified, this the 7th day of June, 1979.