§ 53-50. Requirement of reserve fund. - North Carolina Statutes

§53‑50.  Requirement of reserve fund.

(a)        A bank which is nota member of the federal reserve system shall maintain at all times a reservefund in such amounts and/or ratios as shall be fixed by regulation of theBanking Commission. In fixing the amounts and/or ratios of the reserve fund theBanking Commission shall take into consideration the level of liquiditynecessary to assure the safety and soundness of the State banking system.

(b)        A bank which is amember of the federal reserve system shall maintain at all times a reserve fundin accordance with the requirements applicable to a member bank under the lawsof the United States.

(c)        A bank shall givewritten notice to the Commissioner of Banks,  in the manner prescribed by theCommissioner for such notice, of any deficiency in the reserve fund requiredunder subsection (a) or (b) of this section within three business days afterthe close of any scheduled averaging period during which such deficiencyoccurs. (1921, c. 4, s. 31; C.S., s. 220(f); 1967, c. 789, s.10; 1973, c. 554; 1981, c. 671, s. 9.)