State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_131E > GS_131E-289

§ 131E‑289. Minimum of net worth that must be in cash or cash equivalents.

(a)        Except as otherwise provided in subsection (b) of thissection, each PSO shall, on an ongoing basis, maintain a minimum net worth incash or cash equivalents of the greater of:

(1)        Seven hundred fifty thousand dollars ($750,000) cash or cashequivalents; or

(2)        Forty percent (40%) of the minimum net worth required.

(b)        The Division may lower the threshold for minimum net worthheld in cash or cash equivalents by PSOs that operate primarily in rural areas.

(c)        Cash or cash equivalents held to meet the net worthrequirement shall be current assets of the PSO. (1998‑227, s. 1.)