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Can you summarize 6 AZRS Chapter 2, Article 6?
BANK ORGANIZATION AND REGULATIONSec: 6-181-6-395.15 >
Short Summary
The provided legal document, governed by the Arizona Revised Statutes, pertains to the form of reserves and limitations for banks and financial institutions. It outlines the components of legal reserves, which include cash, cash items in the process of collection payable immediately, unpledged obligations of the United States maturing within six months, net deposit balances with each reserve depository in this state, and net deposit balances with each out-of-state reserve depository. The document also allows for deposits not payable on demand if evidenced by a negotiable certificate of deposit maturing within six months. It specifies that the amount of net deposit balances with out-of-state reserve depositories should either be approved by the deputy director or not exceed the amount fully insured by the federal deposit insurance corporation or the national credit union administration. The document does not mention any specific exemptions or penalties. Additionally, it states that banks that are not members of the federal reserve system shall maintain legal reserves as fixed by the rule of the deputy director, not exceeding fourteen percent of demand deposits or seven percent of time and savings deposits.
Whom does it apply to?
Banks and financial institutions
What does it govern?
Form of reserves and limitations for banks and financial institutions
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Arizona