§ 53-84. Depositories designated by directors. - North Carolina Statutes

§53‑84.  Depositories designated by directors.

By resolution of the board ofdirectors, other banks organized under the laws of this State, or of anotherstate, or under the laws of the United States, shall be designated asdepositories or reserve banks in which a part of such bank's reserve shall bedeposited, subject to payment on demand. A copy of such resolution shall, uponits adoption, be forthwith certified to the Commissioner of Banks and thedepository so designated shall be subject to the approval of the Commissionerof Banks. For causes which he may deem adequate, the Commissioner of Banksshall have authority at any time to withdraw such approval.

A bank may deposit funds in abank of a foreign country, but such deposits shall not constitute any part ofits reserve as defined in G.S. 53‑51. (1921, c. 4, s. 55; C.S., s.221(g); 1931, c. 243, s. 5; 1967, c. 789, s. 14; 1991, c. 677, s. 8.)