N.Y. Banking Law § 106: Deposits by banks and trust companies with other banking corporations and private bankers; restrictions

§ 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.