Reserves Against Deposits

(a)A bank whether or not a member of the Federal Reserve System, shall maintain such reserves against deposits as may be established by the Federal Reserve Act or by the Board of Governors of the Federal Reserve System.

(b)The reserve fund shall consist of legal tender on hand on the premises of the bank and money due on demand from a Federal Reserve Bank or other bank approved as a reserve depositary by the Commissioner.

(c)It shall be a criminal offense against this Title for a territorial bank to continue an average deficiency in its reserve covering any two successive banking days for more than one additional banking day without notifying the Commissioner.