§ 128-22. Name and date of establishment. - North Carolina Statutes

§128‑22.  Name and date of establishment.

A Retirement System is herebyestablished and placed under the management of the Board of Trustees for thepurpose of providing retirement allowances and other benefits under theprovisions of this Article for employees of those counties, cities and towns orother eligible employers participating in the said Retirement System. Followingthe filing of the application as provided in G.S. 128‑23(c), the Boardshall set a date, effective the first day of a calendar quarter, not more than90 days thereafter, as of which date participation of the employer may begin,which date shall be known as the date of participation for such employer:Provided, that in the judgment of the Board of Trustees an adequate number ofpersons have indicated their intention to participate; otherwise at such laterdate as the Board of Trustees may set.

It shall have the power andprivileges of a corporation and shall be known as the "North CarolinaLocal Governmental Employees' Retirement System," and by such name all ofits business shall be transacted, all of its funds invested, and all of itscash and securities and other property held. (1939, c. 390, s. 2; 1941, c.357, s. 2; 1943, c. 535; 1945, c. 526, s. 2; 1959, c. 491, s. 3.)