7500 -DEPOSITORIES
The Board shall designate as official depositories of the school system one or more banks, savings and loan associations, or trust companies in North Carolina. No money belonging to the school system or any individual school shall be deposited in any other place, bank, savings and loan association, or trust company other than an official depository, except as permitted by Legal Reference: G.S.115C-443(b), which exception relates only to certificates of deposit and time deposits as approved by the Local Government Commission.
Legal Reference: G.S.115C-443 and -444
Adopted Effective: July 1, 1999
