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Ch. 1142-1143 1961—Session Laws
S. B. 129 CHAPTER 1142
AN ACT TO AMEND CHAPTER 24 OF THE GENERAL STATUTES
SO AS TO AUTHORIZE CORPORATIONS TO PAY ANY RATE
OF INTEREST AGREED UPON ON LOANS EQUAL TO OR IN
EXCESS OF THIRTY THOUSAND DOLLARS.
The General Assembly of North Carolina do enact:
Section 1. Chapter 24 of the General Statutes is amended by adding
a new Section immediately following G. S. 24-7 to be designated as G. S.
24-8, and to read as follows: "Notwithstanding any other provisions of
this Chapter or any other provisions of law, any foreign or domestic cor-poration
organized for pecuniary gain may agree to pay, and any lender
may charge and collect from such corporation, interest at any rate agreed
upon not in excess of eight per cent per annum where the original prin-cipal
amount of the loan shall equal or exceed the sum of thirty thousand
dollars ($30,000.00), or where the total principal amount to be repaid
under a loan agreement or other undertaking calling for a series of
advances of money shall equal or exceed the sum of thirty thousand dollars
($30,000.00) and as to any such transaction the penalty and forfeiture
of interest imposed under Section 24-2 shall not be available in any
manner whatsoever to such corporation or its successor in interest, nor
shall the principal or any part thereof be impaired or forfeited; provided,
that should any individual endorser, surety or guarantor be called upon
to pay all or any part of said loan, then the total amount due by such
individual shall not exceed the principal balance outstanding plus six
per cent (6%) interest per annum thereon; and provided, that this Section
shall not be applicable to any loan which matures less than 5 years
from the date thereof or which provides for repayments of principal to
be made by the borrower in an amount in excess of one-fifth of the total
principal indebtedness during any year of the first 5 years of the term
of such loan; nothing contained in this Section shall be held or construed
to prohibit corporations from doing any act or from incurring any obliga-tion
now permitted under G. S. 24-2 or any other provision of law.
Sec. 2. All laws and clauses of laws in conflict with this Act are hereby
repealed.
Sec. 3. 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 22nd
day of June, 1961.
S. B. 148 CHAPTER 1143
AN ACT TO ESTABLISH ANNUAL AWARDS FOR OUTSTANDING
ACHIEVEMENTS BY CITIZENS OF NORTH CAROLINA.
WHEREAS, the creative genius of man has been the motivating force
of civilization through the ages; and
1572
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