21 NCAC 58A .2002. ESCROW ACCOUNT

(a)  The Commission shall establish an escrow account or accounts with a financial institution or institutions lawfully doing business in this state into which the Commission shall deposit and hold fees tendered during any period of time when, pursuant to G.S. 93B-2(d).  The Commission's authority to expend funds has been suspended.  The Commission shall keep funds deposited into its escrow account or accounts segregated from other assets, monies, and receipts for the duration of the suspension of the Commission's authority to expend funds.

(b)  The Commission may deposit into and maintain in its escrow account such monies as may be required to avoid or eliminate costs associated with the account or accounts.

 

History Note:        Authority G.S. 93B-2(d);

Eff. July 1, 2010.