NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

CHAPTER 484

SENATE BILL 415

AN ACT TO REENACT G.S. 54-21. 2(b) ALLOWING STATE-CHARTERED SAVINGS AND LOAN ASSOCIATIONS TO MAKE ANY LOANS OR INVESTMENTS PERMITTED TO FEDERAL SAVINGS AND LOAN ASSOCIATIONS.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 54-21.2(b) is repealed and a new G.S. 54-21.2(b) is substituted for it to read as follows:

"(b)      Subject to such rules as the Administrator of the Savings and Loan Division may prescribe, any such association is authorized and permitted to make any loan or investment permitted to be made by any federal savings and loan association by the Congress of the United States, Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation. All investments made by State-chartered savings and loan associations after 1958 and prior to the date of ratification hereof shall for all purposes be considered to have been permitted investments if such investments were permitted to be made by federal savings and loan associations at the time they were made by a State-chartered savings and loan association."

Sec. 2.  This act is effective upon ratification.

In the General Assembly read three times and ratified, this the 30th day of April, 1979.