State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_115C > GS_115C-343

§ 115C‑343. Payroll savings plan for purchase of United States bonds.

(a)        The State Board of Education may authorize any local schooladministrative school unit within the State to establish a voluntary payrolldeduction plan for the purchase of United States Savings Bonds by the employeesof such local school administrative unit, and to set up the necessary machineryfor carrying out the purposes of this section.

(b)        Any employee of any local school administrative school unitwithin the State may enter into a written agreement with the local board ofeducation by which he is employed and which has adopted such payroll savingsplan to authorize deductions from his salary of certain designated sums to beinvested in United States Savings Bonds of the kind and type specified in suchagreement.

(c)        Upon execution of such agreement by an employee of any localschool administrative unit the local board of education employing such personis authorized and empowered to deduct the sum specified in said agreement fromthe weekly or monthly salary of such employee and to show deductions on allpayrolls in a manner similar to that in the weekly or monthly salary of suchemployee and to show deductions on all payrolls in a manner similar to that inwhich withholding tax and retirement are shown. Such sums shall be depositedmonthly with a depository authorized by the United States Treasury Department.The sums so deposited shall be held by the depository until sufficient moneyshave accumulated to the credit of each individual sufficient to purchase abond, and such sums shall be invested in United States Savings Bonds for and onbehalf of such employee, and the bonds shall be delivered to the employee assoon as practicable: Provided, that no coercion shall be exercised to requireany person to participate in such plan.

(d)        Such agreement may be canceled by the employee executing thesame by giving written notice to the superintendent of schools who is exofficio secretary to the local board of education, not later than the fifteenthday of the month in which he desires such agreement to be terminated; and thelocal board of education may cancel any agreement herein provided for upongiving 10 days written notice to the affected employee. Upon the termination ofthe agreement, the depository is hereby authorized and directed to refund anyamount of money held for such employee. (1957, c. 751, ss. 1‑4; 1981, c. 423, s. 1.)