New Jersey § 17:9a-48

§ 17:9a-48.

A. A bank which is not a member of the Federal Reserve System shall, subject to the

provision of subsection B of this section, at all times have in available funds consisting

of (1) lawful currency of the United States, or (2) balances due on demand from reserve

depositaries, or (3) direct obligations of the United States which have a maturity

of not more than 18 months, or (4) such other assets as the Commissioner of Banking

may from time to time prescribe by regulation, reserve balances on deposits and such

other liabilities in amounts as prescribed by the Federal Reserve Board pursuant to

the “Depository Institutions Deregulation and Monetary Control Act of 1980,” P.L. 96-221 , and in such additional amounts as the Commissioner of Banking may prescribe by regulation,

if he deems those additional amounts necessary for the safety and soundness of the

institution. Any additional reserve amounts prescribed by the commissioner pursuant to this subsection

shall not exceed the amount established for like institutions by the Federal Reserve

Board. Not more than 50% of the additional reserve balances required by the commissioner

under this subsection may be made up of obligations of the United States or of instrumentalities

of the United States maturing within 1 year. B. The Commissioner of Banking may by regulation prescribe the method to be used in

computing the required reserve.