Reserve Against Deposits

Act 356 of 1965, § 1905, under BANKING CODE OF 1965.

Act 356 of 1965, § 1905

Section 1905. Reserve Against Deposits

No certificate of authorization shall be granted to a private bank unless it shall have a reserve fund for deposits in an amount at least equal to that required by this act for an incorporated bank. The entire amount of such reserve fund shall be at all times maintained in the manner provided by this act for an incorporated bank.