State banks that are subject to reserve provisions of the "Federal Reserve Act" shall maintain such reserves against deposits as may be required by the "Federal Reserve Act", but, in addition thereto, the banking board may by rule impose reserve requirements that it deems prudent and sound on said banks or on state banks not subject to reserve provisions of the "Federal Reserve Act".
Source: L. 2003: Entire article added with relocations, p. 1120, § 3, effective July 1.
Editor's note: This section is similar to former § 11-7-101 as it existed prior to 2003.
Cross references: For the "Federal Reserve Act", see 12 U.S.C. § 221 et seq.