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North Carolina General Statutes § 53-51 Reserve and cash defined

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(a) Reserve shall consist of:

(1) Cash on hand;

(2) Balances payable on demand, due from other approved solvent banks, which have been designated depositories as hereinafter provided in this Chapter; and

(3) Subject to rules and regulations, duly adopted by the State Banking Commission, fixing the maximum percentage of required reserves that may consist of such obligations, the following prescribed unencumbered, interest‑bearing obligations, which shall not have more than 120 days to final maturity:

a. Obligations of the United States Treasury and of any agency of the United States which are guaranteed by the United States Government; and

b. General obligation of the State of North Carolina and of any political subdivision thereof which has received an investment rating of A or higher by a nationally recognized rating service.

(4) Balances maintained at a federal reserve bank either directly or on a pass‑through basis to meet the reserve requirements of the federal reserve system.

(b) For purposes of this section, cash shall include both lawful money of the United States and exchange of any clearinghouse association. (1903, c. 275, s. 29; Rev., s. 232; 1919, c. 58; 1921, c. 4, s. 32; C.S., s. 220(g); 1979, c. 483, s. 7; 1981, c. 671, s. 10.)

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Last modified: February 21, 2012