§ 106. Deposits by banks and trust companies with other banking
corporations and private bankers; restrictions. 1. No bank or trust
company shall deposit any of its funds with any other foreign or
domestic banking corporation or private banker in an amount exceeding
one hundred per centum of the capital stock, surplus fund and undivided
profits of such bank or trust company unless such other banking
corporation or private banker has been approved by the superintendent as
a depositary for the purpose of this section, in which case the amount
so deposited may equal but shall not exceed such per centum of the
capital stock, surplus fund and undivided profits of such bank or trust
company as the superintendent shall approve.

2. The restrictions contained in this section shall not apply to
deposits by any bank or trust company with a federal reserve bank.