GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 1999

SENATE BILL 796
RATIFIED BILL

AN ACT AUTHORIZING THE STATE LICENSING BOARD FOR GENERAL CONTRACTORS TO OWN REAL PROPERTY AND TO PURCHASE EQUIPMENT AND LIABILITY INSURANCE.

The General Assembly of North Carolina enacts:

Section 1.  Article 1 of Chapter 87 of the General Statutes is amended by adding a new section to read:
"§ 87-9.1.  Ownership of real property; equipment; liability insurance.
(a)	The Board shall have the power to acquire, hold, rent, encumber, alienate, and otherwise deal with real property in the same manner as a private person or corporation, subject only to approval of the Governor and the Council of State as to the acquisition, rental, encumbering, leasing, and sale of real property.  Collateral pledged by the Board for an encumbrance is limited to the assets, income, and revenues of the Board.
(b)	The Board may purchase or rent equipment and supplies and purchase liability insurance or other insurance to cover the activities of the Board, its operations, or its employees."
Section 2.  This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 14th day of July, 1999.

	─────────────────── 
	Dennis A. Wicker
	President of the Senate

	─────────────────── 
	James B. Black
	Speaker of the House of Representatives

	─────────────────── 
	James B. Hunt, Jr.
	Governor

Approved 	.m. this 	 day of 	, 19