§ 58-84-40. Trustees to keep account and file certified reports. - North Carolina Statutes

§ 58‑84‑40. Trustees to keep account and file certified reports.

(a)        Each local board oftrustees shall keep a correct account of all moneys received and disbursed bythem. On a form prescribed by the North Carolina State Firemen's Association,each local board shall certify by October 31 of each year the following to theAssociation: the balance of the local fund, proof of sufficient bonding, a fullaccounting of the previous year's expenditures, and a full accounting ofmembership qualifications. Such certification shall be made concurrently withthe local unit's statement of Fire Readiness.

(b)        In turn, the StateFiremen's Association shall certify to the Department of Insurance by January 1of each year on a form prescribed by the Department, the local units which havecomplied with the requirements of subsection (a) of this section.

(c)        In the event thatany board of trustees in any of the towns and cities benefited by this Articleshall neglect or fail to perform their duties, or shall willfully misappropriatethe funds entrusted in their care by obligating or disbursing such funds forany purpose other than those set forth in G.S. 58‑84‑35, then theInsurance Commissioner shall withhold any and all further payments to suchboard of trustees, or their successors, until the matter has been fullyinvestigated by an official of the State Firemen's Association, and adjusted tothe satisfaction of the Insurance Commissioner.

(d)        In the event thatany local relief fund provided for in this Article becomes impaired, then theFirefighters' Relief Fund may in the discretion of its board of trustees assistthe local unit administering the fund in providing for relief to injured firefighters and their dependents or survivors; provided, however, that anyfunds so provided to such impaired units shall be repaid in full at thestatutory rate of interest from future local unit receipts if the impairmentresulted from violations of this Article. (1907, c. 831, s. 7; C.S., s. 6070; 1925, c. 41; 1985,c. 666, s. 63; 2007‑246, s. 5.)