Section 387:2 Requirements; Exception. - New Hampshire Statutes

   I. Savings banks shall maintain a reserve of not less than 5 percent of the amount of their deposits in any one or more of the following:
      (a) Cash and due from banks.
      (b) Federal funds advanced for one or more business days.
      (c) Obligations of the United States of America at par value, the maturity of which shall not exceed 5 years.
      (d) The obligations of agencies of the United States at par value, the maturity of which shall not exceed 5 years.
      (e) The obligations of any federal government sponsored enterprise (as are designated by written ruling of the bank commissioner) at par value, the maturity of which shall not exceed 5 years.
   II. Savings banks shall make investments of the balance of their funds only in the classes of securities and loans authorized by this chapter; provided, however, that said requirement with respect to said reserve shall not apply to any bank which is a member of the Federal Reserve System.

Source. 1921, 73:1. PL 262:1. 1931, 96:5. RL 310:1. 1953, 195:1, par. 2. RSA 387:2. 1963, 326:4. 1967, 23:2; 234:1. 1973, 441:2. 1979, 300:2. 1983, 369:3, eff. Aug. 20, 1983.