NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 670

SENATE BILL 671

AN ACT TO REMOVE THE INTEREST RATE LIMITATION ON ELECTRIC AND TELEPHONE MEMBERSHIP CORPORATION BORROWINGS, AND TO AUTHORIZE BORROWING BY SUCH A CORPORATION UPON THE RESOLUTION OF ITS BOARD OF DIRECTORS.

The General Assembly of North Carolina do enact:

Section 1.  Section 117-20 of the General Statutes of North Carolina is hereby amended by adding a new sentence at the end thereof, to read as follows:

Notwithstanding the foregoing provisions of this section, the members of such a corporation may, by the affirmative majority of the votes cast in person or by proxy at any meeting of the members, delegate to the board of directors the power and authority (a) to borrow monies from any source and in such amounts as the board may from time to time determine and (b) to mortgage or otherwise pledge or encumber any or all of the corporation's property or assets as security therefor.

Sec. 2.  Section 117-21 of the General Statutes of North Carolina is hereby amended by deleting from the sixth line thereof the following: "not exceeding six per centum per annum, payable semi- annually,".

Sec. 3.  All laws and clauses of laws in conflict with the provisions of this Act are hereby repealed.

Sec. 4.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 2nd day of June, 1969.