US Lawyer Database

For Lawyer-Seekers

YOU DESERVE THE BEST LAWYER

§ 19. Assessments for deficiency in reserves against deposits.  If any
banking  organization  or  branch of a foreign banking corporation shall
not maintain the total  reserves  prescribed  by  or  pursuant  to  this
chapter,  the  superintendent  may  levy  an assessment upon it for such
period as any deficiency in its total  reserves  amounting  to  one  per
centum or more of its deposits against which reserves are required to be
maintained shall continue, at rates not in excess of the following:

(1) Six per centum per annum upon any such deficiency not exceeding two per centum of such deposits.

(2) Eight per centum per annum upon any additional deficiency in excess of two and not exceeding three per centum of such deposits.

(3) Ten per centum per annum upon any additional deficiency in excess of three and not exceeding four per centum of such deposits.

(4) Twelve per centum per annum upon any additional deficiency therein.