NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 127

HOUSE BILL 152

AN ACT TO AMEND G.S. 24-8, WHICH PERMITS AN 8% INTEREST RATE, SO AS TO INCLUDE FOREIGN OR DOMESTIC REAL ESTATE INVESTMENT TRUSTS.

The General Assembly of North Carolina do enact:

Section 1.  G.S. 24-8 is hereby amended by:

(a)  Striking out the period at the end of the section title and adding the words "and real estate investment trusts" (being a trust as determined under the provisions of Section 105-130.12 of the General Statutes of North Carolina)

(b)  Inserting after the word "gain" in line two the words "or any foreign or domestic real estate investment trust" (being a trust as determined under the provisions of Section 105-130.12 of the General Statutes of North Carolina)

(c)  Striking out the comma after the word "corporation" in line three and inserting the words "or real estate investment trust," (being a trust as determined under the provisions of Section 105-130.12 of the General Statutes of North Carolina)

(d)  Adding the words "or real estate investment trust" (being a trust as determined under the provisions of Section 105-130.12 of the General Statutes of North Carolina) at the end of line ten; and

(e)  Adding the words "or real estate investment trusts" (being a trust as determined under the provisions of Section 105-130.12 of the General Statutes of North Carolina) following the word "corporations" in line twenty.

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 26th day of March, 1969.