§ 6-273 — Form of reserves; limitations

Legal reserves shall consist of:

1. Cash.

2. Cash items in the process of collection payable immediately on presentation in the United States.

3. Unpledged obligations of the United States maturing not more than six months after the date the obligation is used for reserve purposes at par.

4. Net deposit balances with each reserve depository in this state, exclusive of deposits not payable on demand unless evidenced by a negotiable certificate of deposit maturing not more than six months from the date the certificate is used for reserve purposes.

5. Net deposit balances with each out-of-state reserve depository, exclusive of deposits not payable on demand unless evidenced by a negotiable certificate of deposit maturing not more than six months after the date the certificate is used for reserve purposes, in an amount either approved by the deputy director in writing or not more than the amount fully insured by the federal deposit insurance corporation or the national credit union administration or any successor agency.