ยง 107. Reserves against deposits. 1. Every bank and trust company
shall maintain total reserves against its demand and time deposits in
such ratios as the superintendent of financial services shall by
regulation impose. If the principal office or any branch of such bank or
trust company is located in a special requirement area, as designated in
or pursuant to subdivision two of this section said bank or trust
company shall maintain such additional reserves as may be prescribed by
the superintendent of financial services.
2. The cities of Albany and Buffalo and the boroughs of Brooklyn,
Manhattan and The Bronx are hereby designated as special requirement
areas. The superintendent of financial services may at any time add to
the number of cities or boroughs designated as special requirement
areas, or may terminate the designation of any city or borough as such.
3. Any part of total reserves may be deposited, subject to call, with
a federal reserve bank in the district in which such bank or trust
company is located, or with reserve depositaries, and the reserves on
hand not so deposited shall consist of any form of currency authorized
by the laws of the United States. Any bank or trust company which is or
shall become a member of the federal reserve system shall maintain such
reserves with a federal reserve bank as are required by or pursuant to
the federal reserve act and so long as it complies with the requirements
of such federal reserve act with reference to reserves shall be exempt
from the preceding provisions of this section.
4. If any bank or trust company shall fail to maintain its total
reserves in the manner prescribed and authorized by this section, it
shall be liable to, and shall pay any assessment or assessments levied
by the superintendent pursuant to the provisions of article two of this
chapter.
Structure New York Laws
Article 3 - Banks and Trust Companies
94 - Change From Bank to Trust Company; From Trust Company to Bank.
96-A - Servicing of Mortgages by Banks.
96-B - Payroll Payment by Banks or Trust Companies.
96-C - Power to Act as Trustee Under Self-Employed Retirement Trust or Individual Retirement Trust.
96-D - Banking Development Districts.
97 - Power to Purchase Securities and Stocks.
98 - Power to Take and Hold Real Estate; Restrictions.
100-A - Fiduciary Capacities; Appointment by Court Authorized; Bond; Oath; Accounting.
100-B - Investments as Fiduciary; When Interest Is to Be Paid; Preference.
100-D - Foreign Common Trust Funds.
101 - Additional Powers of Certain Trust Companies.
102 - Powers of Specially Chartered Trust Companies.
102-A - Limited Liability Trust Companies.
104 - Entries in Books; Restrictions; Amortization of Securities.
105 - Branch Offices; Prohibition Against Doing Business at Unauthorized Places.
105-A - Electronic Facilities.
107 - Reserves Against Deposits.
107-A - Security for Public Deposits.
108 - Rates of Interest; Installment Obligations; Personal Loan Departments.
108-A - Acceptance of United States Currency.
109 - Closing of Books; Profits; How to Be Computed.
110 - Surplus Fund; of What Composed, and for What Purposes Used.
111 - Profits; Credits to Surplus Fund and to Undivided Profits.
112 - Dividends; Payable From Net Profits; Restrictions.
113 - Change of Location; Change of Designation of Principal Office.
114 - Assessment of Stockholders to Make Good Impairment of Capital Stock; Sale of Stock.
122 - Examinations of Banks and Trust Companies by Directors; Employment of Assistants.
123 - Reports of Directors' Examinations.
125 - Reports to Superintendent; Penalty for Failure to Make.
128 - Preservation of Books and Records.
129 - Requirement of Notice on Withdrawal of Certain Time Deposits; Notice to Superintendent.
129-A - Requirement of Written Notification; Alternative Payment Schedules.
130 - Restrictions on Officers, Directors and Employees.
131 - Prohibitions Against Encroachments Upon Certain Powers of Banks and Trust Companies.
132 - Use of Sign, or Words, Indicating Bank or Trust Company by Unauthorized Persons Prohibited.
133 - Use of Banking Institution Name.
136 - Change of National Banking Association Into State Bank by Conversion or Merger.
136-A - Purchase of Assets of National Banking Association by Bank or Trust Company.
136-B - Approval of Superintendent.
136-C - Effect of Merger or Conversion of National Banking Association Into State Bank.
137 - Change of State Bank Into National Banking Association by Conversion, Merger or Consolidation.
138 - Foreign Branches; Performance of Contracts and Repayment of Deposits.