6-271. Reserves against deposits; rule; limitations Banks that are not members of the federal reserve system shall maintain such legal reserves as are from time to time fixed by rule of the deputy director, not to exceed fourteen percent of demand deposits or seven percent of time and savings deposits.
6-272. Deposits exempt from reserve requirement In determining the legal reserves required by this article a bank may deduct from its gross deposits such deposits as are lawfully secured and each deposit balance due to another bank to the extent of a reciprocal deposit due from such other bank.
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 […]
6-275. Computation of reserves Compliance with reserve requirements shall be determined as of the close of business on the first Thursday following the effective date of this chapter and every alternate Thursday thereafter on the basis of the average daily reserves maintained during the fourteen day period ending on such Thursday and the average daily […]
