§ 53-43.6. School thrift or savings plan. - North Carolina Statutes

§53‑43.6.  School thrift or savings plan.

(a)        A bank may arrangefor the collection of savings from school children by the principal of theschool, by the teachers, or by collectors, pursuant to regulations issued bythe State Banking Commission and approved, in the case of public schools, bythe board of education or board of trustees of the city or district in whichthe school is situated. The principal, teacher, or person authorized by thebank to make collections from the school children shall be the agent of thebank and the bank is liable to the pupil for all deposits made with suchprincipal, teacher, or other authorized person to the same extent as if thedeposits were made directly with the bank.

(b)        The acceptance ofdeposits in furtherance of a school thrift or savings plan by an officer,employee or agent of a bank at any school shall not be construed as theestablishment or operation of a branch or branch facility. (1967,c. 789, s. 7.)