§ 58-5-35. Securities held by Treasurer; faith of State pledged therefor; nontaxable. - North Carolina Statutes

§58‑5‑35.  Securities held by Treasurer; faith of State pledgedtherefor; nontaxable.

Unless a master trustee isselected by the Commissioner pursuant to G.S. 58‑5‑1, thesecurities required to be deposited by each insurance company in this Articleshall be delivered for safekeeping by the Commissioner to the Treasurer of theState who shall receipt him therefor.  For the securities so deposited thefaith of the State is pledged that they shall be returned to the companiesentitled to receive them or disposed of as herein provided for.  The securitiesdeposited by any company under this Article shall not, on account of suchsecurities being in this State, be subjected to taxation but shall be heldexclusively and solely for the protection of contract holders. (1945,c. 384; 1985, c. 666, s. 56.)