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This entry was published on 2014-09-22
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SECTION 19
Assessments for deficiency in reserves against deposits
Banking (BNK) CHAPTER 2, ARTICLE 2
§ 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.