NORTH CAROLINA GENERAL ASSEMBLY

1973 SESSION

 

 

CHAPTER 554

SENATE BILL 227

 

 

AN ACT TO PROVIDE EQUITY BETWEEN STATE AND NATIONAL BANKS AS TO RESERVE REQUIREMENTS IN NORTH CAROLINA.

 

Whereas, there are both state and national banks in North Carolina, all of which have traditionally adhered to the principle of equitable regulation and supervision for both; and

Whereas, the Federal Reserve System on November 9, 1972, implemented Regulation D relating to reserve requirements applicable to member banks, which includes all national banks in North Carolina; and

Whereas, the banking laws of the State of North Carolina, particularly G.S. 53‑50, set reserve requirements for non-member banks of the Federal Reserve System, which includes state banks in North Carolina; and

Whereas, G.S. 53-50 establishes for such state banks (which are not members of the Federal Reserve System) reserve requirements which are inequitable when compared with those now required for competing Federal Reserve member banks in North Carolina; Now, therefore,

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 53-50(a), as the same appears in the 1971 Cumulative Supplement to 1965 Replacement Volume 2B of the General Statutes, is rewritten to read as follows:

"(a)       A bank which is not a member of the Federal Reserve System shall maintain at all times a reserve fund in such percentages as shall be fixed by regulation of the Banking Commission, which percentages shall be equal to or less than by not more than two percentage points, but never greater than, those required under the laws of the United States for banks which are members of the Federal Reserve System. The amount of the required reserve for each day shall be computed on the basis of average daily deposits covering such biweekly or shorter periods as shall be fixed by regulation of the Banking Commission."

Sec. 2.  This act shall become effective upon its ratification.

In the General Assembly read three times and ratified, this the 17th day of May, 1973.