State branch: Maintenance of reserve against deposits.
1. Except as otherwise provided in subsection 2, a foreign bank which is licensed to establish and maintain a state branch shall at all times maintain a reserve against the deposits of the state branch as may from time to time be required to be maintained, pursuant to regulations issued by the Board of Governors of the Federal Reserve System, by a Nevada bank which is a member of the Federal Reserve System. The reserve must be maintained with a Nevada bank or national bank which the foreign bank designates and the commissioner approves.
2. A foreign bank which is required to maintain reserves pursuant to the authority granted the Board of Governors of the Federal Reserve System in section 7(a)(1)(B) of the federal International Banking Act (12 U.S.C. § 3105(a)(1)(b)) is exempt from the requirements of this section.
Last modified: February 26, 2006