§ 158-12.1. Commission funds secured.
§ 158‑12.1. Commissionfunds secured.
The Western North CarolinaRegional Economic Development Commission, Research Triangle RegionalPartnership, Southeastern North Carolina Regional Economic DevelopmentCommission, Piedmont Triad Partnership, North Carolina's Northeast Commission,North Carolina's Eastern Region Development Commission, and CarolinasPartnership, Inc., may deposit money at interest in any bank, savings and loanassociation, or trust company in this State in the form of savings accounts, certificatesof deposit, or such other forms of time deposits as may be approved for countygovernments. Investment deposits and money deposited in an official depositoryor deposited at interest shall be secured in the manner prescribed in G.S. 159‑31(b).When deposits are secured in accordance with this section, no public officer oremployee may be held liable for any losses sustained by an institution becauseof the default or insolvency of the depository. This section applies to theregional economic development commissions listed in this section only for aslong as the commissions are receiving State funds. (2000‑67, s. 14.9;2005‑364, s. 3; 2007‑93, s. 4; 2008‑134, s. 77.)