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§ 702. Definitions for purpose of reserve requirement

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 7 P.S. Banks and Banking

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 7 P.S. Banks and Banking (Refs & Annos)
Banking Code of 1965 (Refs & Annos)
Chapter 7. Reserves
7 P.S. § 702
§ 702. Definitions for purpose of reserve requirement
Currentness
For the purposes of the reserve requirement imposed by section 7031 and the composition of the required reserve fund under section 704,2 the terms:
(a) “reserve agent” shall mean a depository of the institution selected as provided in section 6103 and approved by the department for the deposit of funds included in the required reserve fund; and
(b) “instrumentality of the United States” shall mean the Federal National Mortgage Association, a Federal Land Bank, a Federal Home Loan Bank, a Bank for Cooperatives and a Federal Intermediate Credit Bank.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 702. Amended 1982, April 8, P.L. 262, No. 79, § 9, imd. effective.

Footnotes

1
7 P.S. § 703.
2
7 P.S. § 704.
3
7 P.S. § 610.
7 P.S. § 702, PA ST 7 P.S. § 702
Current through 2023 Regular Session Act 1. Some statute sections may be more current, see credits for details.
End of Document