202-C - Reserves against deposits.

§ 202-c.   Reserves   against  deposits.  Each  such  foreign  banking  corporation which is authorized to maintain a branch or branches in this  state shall maintain such reserves against the deposits of  such  branch  or  branches  as  may  be required from time to time by the laws of this  state to be maintained by banks and trust companies. Such reserves shall  be maintained, subject to call, as provided by sections thirty-three and  one hundred seven of this chapter;  provided,  however,  that  any  such  foreign  banking  corporation  which  maintains  reserves with a federal  reserve bank pursuant to federal law shall be exempt from the  preceding  provisions  of  this  section  so  long  as  it  shall  comply  with the  requirements of such  law  with  reference  to  reserves,  and  provided  further  that  the  banking  board may determine that it is necessary or  appropriate to require such a foreign banking  corporation  to  maintain  additional  reserves  against  the deposits of its branch or branches in  this  state,  taking  into  consideration  the  character  of   business  conducted  by  such  institutions  and the need to maintain vigorous and  fair competition between and among such  branches  and  banks  organized  under  the  laws of this state. As to any such additional reserves which  are required to be maintained pursuant to this section,  to  the  extent  permitted  by  the  superintendent,  amounts carried on the books of any  such branch or branches as credits to the account of another  office  or  branch  or  wholly  owned  (except  for  a  nominal number of directors'  shares) subsidiary of such foreign  banking  corporation  shall  not  be  deemed to be deposits.