§ 147-78.1. Good faith deposits; use of master trust. - North Carolina Statutes

§147‑78.1.  Good faith deposits; use of master trust.

Notwithstanding any otherprovision of law, the State Treasurer is authorized to select a bank or trustcompany as master trustee to hold cash or securities to be pledged to the Statewhen deposited with him pursuant to statute or at the request of another Stateagency. Securities may be held by the master trustee in any form that, in fact,perfects the security interest of the State in the securities. The StateTreasurer shall by rule or regulation establish the manner in which the mastertrust shall operate. The master trustee may charge reasonable fees for servicesrendered to each person who deposits the cash or securities with the State. (1985,c. 496, s. 1.)