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§ 703. Requirement of reserve fund

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. § 703
§ 703. Requirement of reserve fund
Currentness
(a) An institution which is not subject to reserve fund requirements of the Federal Reserve System shall maintain at all times a reserve fund in an amount fixed by regulation of the department. The amount of the required reserve for each day shall be computed on the basis of average daily deposits covering such bi-weekly or shorter periods as shall be fixed by regulation of the department.
(b) An institution which is subject to reserve fund requirements of the Federal Reserve System shall maintain at all times a reserve fund in accordance with the requirements of the laws of the United States.

Credits

1965, Nov. 30, P.L. 847, No. 356, § 703. Amended 1980, May 21, P.L. 173, No. 51, § 7, effective in 30 days; 1982, April 8, P.L. 262, No. 79, § 10, imd. effective.
7 P.S. § 703, PA ST 7 P.S. § 703
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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