§ 202-c. Reserves against deposits. Each such foreign banking
corporation which is authorized to maintain a branch or branches in this
state shall maintain such reserves against the deposits of such branch
or branches as may be required from time to time by the laws of this
state to be maintained by banks and trust companies. Such reserves shall
be maintained, subject to call, as provided by sections thirty-three and
one hundred seven of this chapter; provided, however, that any such
foreign banking corporation which maintains reserves with a federal
reserve bank pursuant to federal law shall be exempt from the preceding
provisions of this section so long as it shall comply with the
requirements of such law with reference to reserves, and provided
further that the superintendent of financial services may determine that
it is necessary or appropriate to require such a foreign banking
corporation to maintain additional reserves against the deposits of its
branch or branches in this state, taking into consideration the
character of business conducted by such institutions and the need to
maintain vigorous and fair competition between and among such branches
and banks organized under the laws of this state. As to any such
additional reserves which are required to be maintained pursuant to this
section, to the extent permitted by the superintendent, amounts carried
on the books of any such branch or branches as credits to the account of
another office or branch or wholly owned (except for a nominal number of
directors' shares) subsidiary of such foreign banking corporation shall
not be deemed to be deposits.