20 NCAC 07 .0301. ELIGIBLE ESCROW AGENTS

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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.

                    
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