§ 202-C — Reserves against deposits

New York § 202-C

• Jurisdiction: New York
• Law BNK: Banking
• Art. 5: Foreign Banking Corporations and National Banks

Text

§ 202-c. Reserves against deposits. Each such foreign banking\ncorporation which is authorized to maintain a branch or branches in this\nstate shall maintain such reserves against the deposits of such branch\nor branches as may be required from time to time by the laws of this\nstate to be maintained by banks and trust companies. Such reserves shall\nbe maintained, subject to call, as provided by sections thirty-three and\none hundred seven of this chapter; provided, however, that any such\nforeign banking corporation which maintains reserves with a federal\nreserve bank pursuant to federal law shall be exempt from the preceding\nprovisions of this section so long as it shall comply with the\nrequirements of such law with reference to reserves, and provided\nfurther that the superintendent of financial services may determine that\nit is necessary or appropriate to require such a foreign banking\ncorporation to maintain additional reserves against the deposits of its\nbranch or branches in this state, taking into consideration the\ncharacter of business conducted by such institutions and the need to\nmaintain vigorous and fair competition between and among such branches\nand banks organized under the laws of this state. As to any such\nadditional reserves which are required to be maintained pursuant to this\nsection, to the extent permitted by the superintendent, amounts carried\non the books of any such branch or branches as credits to the account of\nanother office or branch or wholly owned (except for a nominal number of\ndirectors' shares) subsidiary of such foreign banking corporation shall\nnot be deemed to be deposits.\n