§ 701. Application of chapter.
§ 702. Definitions for purpose of reserve requirement.
§ 703. Requirement of reserve fund.
§ 704. Composition of reserve fund.
§ 705. Notice to department of deficiency in reserve fund.
This chapter shall apply to, and the word "institution" in this chapter shall mean, a bank, a bank and trust company, a savings bank and a private bank.
For purposes of the reserve requirement imposed by section 703 and the composition of the required reserve fund under section 704, the terms:
(a) "reserve agent" shall mean a depository of the institution selected as provided in section 610 and approved by the department for the deposit of funds included in the required reserve fund; and
(b) "instrumentality of the United States" shall mean the Federal National Mortgage Association, a Federal Land Bank, a Federal Home Loan Bank, a Bank for Cooperatives and a Federal Intermediate Credit Bank.
(a) An institution which is not subject to reserve fund requirements of the Federal Reserve System shall maintain at all times a reserve fund in an amount fixed by regulation of the department. The amount of the required reserve for each day shall be computed on the basis of average daily deposits covering such bi-weekly or shorter periods as shall be fixed by regulation of the department.
(b) An institution which is subject to reserve fund requirements of the Federal Reserve System shall maintain at all times a reserve fund in accordance with the requirements of the laws of the United States.
[to be inserted.]
An institution shall give written notice to the department, in the manner prescribed by the department for such notice, of any deficiency in the reserve fund required under subsection (a) or (b) of section 703 within three business days after the close of any scheduled averaging period during which such deficiency occurs--subject to the penalty provisions of this act.
The complete Pennsylvania Statutes are not yet available on the web. However, selected portions have been made available and can be accessed by CLICKING HERE. These statutes, though available instantaneously over the web, may not be the current law. Court decisions overturning them, later statutes amending them, and a host of other factors come into play when interpreting them. They are provided here as a resource. They should provide some information about the state of the law. However, a competent lawyer, who from other sources will research the law to insure what is current, should always be employed in matters of importance.