Each bank organized under the laws of this state and authorized to receive deposits shall keep on hand at all times legal reserves as mandated by the board of governors of the Federal Reserve System.
Effective: July 13, 1984

Terms Used In Kentucky Statutes 286.3-300

  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
  • Statute: A law passed by a legislature.

History: Amended 1984 Ky. Acts ch. 324, sec. 24, effective July 13, 1984. — Amended
1982 Ky. Acts ch. 251, sec. 9, effective April 1, 1982. — Amended 1970 Ky. Acts ch.
209, sec. 8, effective June 18, 1970. — Amended 1942 Ky. Acts ch. 109, sec. 1. — Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 584.
Formerly codified as KRS § 287.300.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286.

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