NORTH CAROLINA GENERAL ASSEMBLY

1961 SESSION

 

 

CHAPTER 263

SENATE BILL 124

 

 

AN ACT TO AMEND G.S. 58‑79 TO PERMIT INVESTMENTS BY LIFE INSURANCE COMPANIES IN ELECTRONIC AND MECHANICAL MACHINES CONSTITUTING A DATA PROCESSING AND ACCOUNTING SYSTEM IN NORTH CAROLINA.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Paragraph (a) of G.S. 58‑79, as the same appears in the 1960 Replacement Volume 2B, is amended by renumbering the present sub‑paragraphs (12) and (13) as sub‑paragraphs (13) and (14), respectively, and by adding a new sub‑paragraph (12) in lieu of the present sub‑paragraph (12) reading as follows:

"(12)    Electronic and mechanical machines constituting a data processing and accounting system if the cost of such system is at least twenty‑five thousand dollars ($25,000.00), but not more than two per cent (2%) of its admitted assets, which cost shall be amortized in full over a period not to exceed ten (10) calendar years."

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  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be in full force and effect on and after its ratification.

In the General Assembly read three times and ratified, this the 25th day of April, 1961.