N.Y. Banking Law § 167: Reserves against deposits

§ 167. Reserves against deposits. Every private banker shall maintain

total reserves against his deposits of the same amount and kind and on

hand or on deposit to the same extent as is at the time required by or

pursuant to the provisions of this chapter of a bank doing business in

the same place.

If any private banker shall fail to maintain the reserves required by

this section, he shall be liable for and shall pay any assessments

levied by the superintendent as provided in article two of this chapter.