§ 90-210.86. Deposit or investment of funds of mutual burial associations.
§ 90‑210.86. Deposit or investment of funds ofmutual burial associations.
Funds belonging to each mutual burial association over and above theamount determined by the Board of Funeral Service to be necessary for operatingcapital shall be invested in:
(1) Deposits in any bank or trust company in this State.
(2) Obligations of the United States of America.
(3) Obligations of any agency or instrumentality of the UnitedStates of America if the payment of interest and principal of such obligationsis fully guaranteed by the United States of America.
(4) Obligations of the State of North Carolina.
(5) Bonds and notes of any North Carolina local government orpublic authority, subject to such restrictions as the Board of Funeral Servicemay impose.
(6) Shares of or deposits in any savings and loan associationorganized under the laws of this State and shares of or deposits in any federalsavings and loan association having its principal office in this State,provided that any such savings and loan association is insured by the UnitedStates of America or any agency thereof or by any mutual deposit guarantyassociation authorized by the Commissioner of Insurance of North Carolina to dobusiness in North Carolina pursuant to Article 7A of Chapter 54 of the GeneralStatutes.
(7) Obligations of the Federal Intermediate Credit Banks, theFederal Home Loan Banks, Fannie Mae, the Banks for Cooperatives, and theFederal Land Banks, maturing no later than 18 months after the date ofpurchase.
Violation of the provisions of this section shall, after hearing, because for revocation or suspension of license to operate a mutual burialassociation. (1957, c. 820, s. 1; 1975,c. 837; 1987, c. 864, s. 12; 1997‑313, s. 5; 2001‑487, s. 14(l);2003‑420, ss. 1, 17(b).)