(a)        The State Board of Education may authorize and empower any local board of education, the board of trustees of any community college, or other governing authority, within the State, to establish a voluntary payroll deduction plan for:

(1)        Premiums for any type of group insurance established and authorized by the laws of this State.

(2)        Amounts authorized by members of the State Employees’ Credit Union or any local teachers’ credit unions to be deposited with such organizations.

(3)        Loans made to teachers by credit unions.

(b)        Any employee of any local board of education, any community college, or of any educational association, may enter into a written agreement with his employer for the purpose of carrying out the provisions of this section. The State Board of Education is authorized and empowered to make and promulgate rules and regulations to carry out the purposes of this section.

(c)        Any public school teacher who is a member of a credit union organized and established under Chapter 54 of the N.C. Gen. Stat. may, by executing a written consent to the local school administrative unit by whom employed, authorize periodical payment or obligation to such credit union to be deducted from their salaries or wages, and such deductions shall be made and paid to said credit union as and when said salaries and wages are payable. (1969, c. 591; 1981, c. 423, s. 1; 1987, c. 564, ss 12, 16.)