Art. 30. - Permitting investment of funds belonging to cemetery commission.

The General Assembly of North Carolina do enact:

Section 1. Section 4 of Chapter 435 of the Session Laws of 1949 is rewritten so as to read as follows:

"The said Sanford Cemetery Commission shall have the right to accept any grant, lease, loan or devise of real estate given for cemetery purposes to the Town of Sanford, or any gift or bequest of money, or any donation, the same to be used, either principal or interest, for the purpose of maintenance and perpetual care of the cemeteries of the Town of Sanford."

Sec. 2. Chapter 435 of the Session Laws of 1949 is further amended by adding a new Section immediately following Section 5, to be designated as Section 5½, and to read as follows;

"Sec. 5½. The Sanford Cemetery Commission shall have full right and authority to invest all funds belonging to said cemetery commission, in stocks, bonds or securities from funds in the hands of the town treasurer belonging to said Sanford Cemetery Commission, and such funds shall be paid out for the purchase of said stocks, bonds or securities upon authorization of said Sanford Cemetery Commission and not otherwise; and upon such authorization, it shall be the duty of the Treasurer of the Town of Sanford to issue vouchers or checks against such cemetery funds for the purchase of such securities authorized as aforesaid. Securities so purchased may be issued in the name of Sanford Cemetery Commission, and when issued in the name of Sanford Cemetery Commission, the same shall only be transferred or disposed of by Sanford Cemetery Commission, signed in the name of Sanford Cemetery Commission by the chairman and secretary of said commission, and the Sanford Cemetery Commission shall have full power and authority to make contracts for the purchase of and contracts for the sale of any securities owned by the Sanford Cemetery Commission and consummate such purchase or sale in its discretion."

Sec. 3. Chapter 435 of the Session Laws of 1949 is amended by adding a new Section to be designated as Section 5¾, and to read as follows:

"Sec. 5¾. The Sanford Cemetery Commission shall have authority to elect a chairman and secretary, and meetings of the said cemetery commission may be had upon twenty-four hours notice by either the chairman of the commission or the secretary of the commission and the majority of the members shall constitute a quorum for the transaction of any business that may come before the said commission."

Sec. 4. All laws and clauses of laws in conflict with this Act as so amended are hereby repealed.

Sec. 5. This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 18th day of May, 1955.

(Session Laws of 1955, chapter 1088)