SECTION .0300 ‑ ESCROW OF SECURITIES

20 NCAC 07 .0301             ELIGIBLE ESCROW AGENTS

All securities pledged to secure public deposits shall be deposited either:

(1)           with a Federal Reserve Bank or a Federal Home Loan Bank or a branch thereof pursuant to Rule .0302 of this Section; or

(2)           with a national or state-chartered bank which is not an affiliate of the depository and which has the authority to conduct a trust business pursuant to Rule .0303 of this Section.

History Note:        Authority G. S. 115C‑444(b); 147‑79; 159‑31(b);

Eff. August 1, 1980;

Readopted Eff. February 1, 1982;

Amended Eff. April 1, 1994;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. April 5, 2016.