N.Y. Banking Law § 19

Current through 2024 NY Law Chapter 553

Section 19 - Assessments for deficiency in reserves against deposits

If any banking organization or branch of a foreign banking corporation shall not maintain the total reserves prescribed by or pursuant to this chapter, the superintendent may levy an assessment upon it for such period as any deficiency in its total reserves amounting to one per centum or more of its deposits against which reserves are required to be maintained shall continue, at rates not in excess of the following:

(1) Six per centum per annum upon any such deficiency not exceeding two per centum of such deposits.

(2) Eight per centum per annum upon any additional deficiency in excess of two and not exceeding three per centum of such deposits.

(3) Ten per centum per annum upon any additional deficiency in excess of three and not exceeding four per centum of such deposits.

(4) Twelve per centum per annum upon any additional deficiency therein.

N.Y. BankingLaw § 19