§ 76A-25. Widows and Orphans Fund. - North Carolina Statutes

§76A‑25.  Widows and Orphans Fund.

The Widows and Orphans Fundestablished by Chapter 76, Section 7 of the General Statutes shall be dissolvedat the earliest possible date under a method to be determined by theCommission. The method of dissolution should be equitable to all currentrecipients of benefits from the fund and should attempt to make reasonableprovision for their future needs in lieu of on‑going payments from thefund. Should the Commission determine that the assets of the fund are in excessof those needed to provide for the recipients, it may determine that a portionof the fund may be retained by the Commission and deposited in its operatingfund. In such an event the requirement for payment referred to in G.S. 76A‑24shall be suspended until the balance of the operating fund is reduced to threethousand dollars ($3,000) as prescribed in G.S. 76A‑24. (1981,c. 910, s. 1.)