20 NCAC 07 .0301. ELIGIBLE ESCROW AGENTS

All securities pledged to secure public deposits shall be deposited either: (1) with a Federal Reserve Bank or a Federal Home Loan Bank or a branch thereof pursuant to Rule .0302 of this Section; or (2) with a national or state-chartered bank which is not an affiliate of the depository and which has the authority to conduct a trust business pursuant to Rule .0303 of this Section.