Tennessee Code 45-2-504 – Reserves of Federal Reserve Act sufficient
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 45-2-504
- Bank: means any person, as hereinafter defined, doing a banking business subject to the laws of this or any other jurisdiction and, for the purposes of supervision, examination and liquidation, includes industrial investment companies and industrial banks authorized by chapter 5 of this title. See Tennessee Code 45-1-103
- Federal Reserve Act: includes the act of congress of the United States approved December 23, 1913, as amended. See Tennessee Code 45-2-501
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
A compliance on the part of a bank with the reserve requirements of the Federal Reserve Act shall be held to be a full compliance with those laws of this state that require banks to maintain reserves, and the bank shall not be required to carry or maintain reserves other than those required under the terms of the Federal Reserve Act.