H511 - Credit Unions/Statutory Changes (SL 2015-93)

Overview: S.L. 2015-93 does the following:

• Replaces the terms "insured bank or savings and loan association in North Carolina" with "federally insured depository institution lawfully doing business in this State."
• Provides an additional way that credit unions can invest their funds.
• Provides that certain officials of credit unions, in addition to necessary expenses, may be reimbursed for "reasonable" expenses incidental to the performance of the business and that such reimbursement may include the payment of expenses for one guest.

This act became effective June 19, 2015.