§ 142-13. Destruction of canceled bonds, notes and coupons.
§ 142‑13. Destructionof canceled bonds, notes and coupons.
All canceled bonds, notes andinterest coupons of the State may be destroyed in one of the following ways, inthe discretion of the Treasurer:
(1) Method 1. TheTreasurer shall make an entry in a substantially bound book kept by him forthe purpose of recording the destruction of bonds, notes and coupons, showing
a. With respect tobonds and notes, the designation, the date of issue, serial numbers (if any),denomination, maturity date, and total principal amount.
b. With respect tocoupons, the designation and date of the bonds to which the coupons appertain,the maturity date of the coupons and, as to each maturity date, thedenomination, quantity and total amount of coupons.
After thisentry has been made, the paid bonds, notes or coupons shall be destroyed, byeither burning or shredding, in the presence of the Council of State. Eachmember of the Council of State in attendance shall certify under his hand inthe book kept by the Treasurer that he saw the bonds, notes or couponsdestroyed. Canceled bonds, notes or coupons shall not be destroyed until afterone year from the date of payment.
(2) Method 2. TheTreasurer may contract with the bank or trust company acting as paying agentfor a bond issue for the destruction of bonds and interest coupons which havebeen canceled by the paying agent. The contract shall require that the payingagent give the Treasurer a written certificate of each destruction containingthe same information required by Method 1 to be entered in the record ofdestroyed bonds and coupons. The certificates shall be filed among thepermanent records of the Treasurer. Canceled bonds or coupons shall not bedestroyed until one year from the date of payment.
The provisions of G.S. 121‑5and 132‑3 shall not apply to any such paid bonds, notes or coupons.
Notwithstanding the foregoing,in lieu of destroying all canceled bonds, notes and interest coupons, theTreasurer is authorized, with the approval of the Council of State, to distributethe bonds, notes, and coupons to the public schools of North Carolina and tothe Department of Cultural Resources to be used for educational and historicalpurposes. The Department of Public Instruction and the Department of CulturalResources may cooperate and assist in implementing such purposes. (1879,c. 98, s. 8; Code, s. 3578; Rev., s. 5035; C.S., s. 7415; 1941, c. 28; 1975, c.527; 1987, c. 522, s. 1.)