State Codes and Statutes
Statutes > New-hampshire > TITLEXXXV > CHAPTER393 > 393-42Building and loan associations, cooperative banks or savings and loan associations shall maintain a reserve of not less than 3 percent nor more than 5 percent, as set by the bank commissioner, of the amount of their deposits in cash, including balances in other banks, and/or public funds of the United States at par value the maturity of which shall not exceed 5 years, and/or the obligations of agencies of the United States (as are designated by written ruling of the bank commissioner) at par value the maturity of which shall not exceed 5 years, and/or federal funds sold to member banks of the federal reserve system in the New England states or in the cities of New York and Philadelphia, or in some bank or trust company incorporated under the laws of this state or Massachusetts, or in some bank or trust company incorporated under the laws of the state of New York and located in New York City or in the Federal Home Loan Bank of Boston by banks which are members thereof, provided that the total federal funds sold under this section shall not exceed 10 percent of the associations' deposits, provided further that the total of such federal funds sold to any one bank shall not exceed 25 percent of that bank's capital stock, surplus and undivided profits.
Source. 1953, 178:4. RSA 393:42. 1971, 114:1. 1973, 497:1. 1981, 267:1, eff. Aug. 15, 1981.
