6.1-69 - (Repealed effective October 1, 2010) Required reserves. - Virginia Statutes

§ 6.1-69. (Repealed effective October 1, 2010) Required reserves.

Every bank shall maintain a reserve related to its demand deposits and to itstime deposits. Such reserve on demand deposits shall consist of actual cashon hand and balances payable on demand, due from other solvent banks. Suchreserve on time deposits shall consist of actual cash on hand and balancespayable on demand due from other solvent banks; provided that up to 100percent of such reserve on time deposits may be in the form of short maturitygeneral obligations of the United States, such maximum percentage to be fixedby the Commission. The term "demand deposits" shall mean all deposits thepayment of which can be legally required in less than thirty days. The term"time deposits" shall mean all deposits the payment of which cannot belegally required in less than thirty days.

The Commission shall by regulation establish from time to time the reserverequirements within the following limits: zero to fifteen per centum ondemand deposits, zero to five per centum on time deposits. The reservesrequired herein for each day shall be computed on the basis of average dailydeposits covering a biweekly period, provided that shorter averaging periodsmay be fixed by regulation of the Commission.

Nothing herein shall be construed to relieve any bank which is a member ofthe Federal Reserve System from maintaining a reserve fund in accordance withthe requirements applicable to such member banks.

(Code 1950, § 6-52; 1966, c. 584; 1976, c. 658; 1981, c. 65.)