NORTH CAROLINA GENERAL ASSEMBLY

1959 SESSION

 

 

CHAPTER 1230

HOUSE BILL 1337

 

 

AN ACT AUTHORIZING THE CITY OF HICKORY TO RECEIVE AND HOLD FOR THE OWNERS THEREOF CERTAIN UNCLAIMED BOND PAYMENTS.

 

The General Assembly of North Carolina do enact:

 

Section 1. The City of Hickory is hereby authorized and empowered to receive from the Chase Manhattan Bank any and all funds heretofore deposited in said bank for the purpose of paying the bonded indebtedness of the City of Hickory, where said funds have been unclaimed and unpaid for ten years or more after such funds became due and payable.

Sec. 2. Upon the payment of such unclaimed funds to the City of Hickory, the Chase Manhattan Bank shall be relieved of and held harmless by the City of Hickory from any and all liability for any claim or claims which exist or thereafter may be made as to such funds.

Sec. 3. The City of Hickory may commingle such unclaimed funds with its general fund, and shall be liable only for payment to the bondholder upon proper presentation of claim.

Sec. 4. All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 5. This Act shall be in full force and effect on and after its ratification.

In the General Assembly read three times and ratified, this the 19th day of June, 1959.