N.J. Admin. Code § 3:6-5.2

Current through Register Vol. 57, No. 1, January 6, 2025

Section 3:6-5.2 - Sales of Federal funds by State member banks, State nonmember banks and savings banks

(a) As used in this subchapter, in the case of State banks which are members of the Federal Reserve System, "sales of Federal funds" include transactions which involve the temporary transfer and sale of immediately available funds either from one member bank in the Federal Reserve System to another member bank in the Federal Reserve System or to another bank not in the Federal Reserve System.

(b) In the case of a State bank which is not a member of the Federal Reserve System, "sales of Federal funds" include transactions which involve the temporary transfer and sale of immediately available funds from the nonmember bank to another nonmember bank or to a member bank.

(c) In the case of a savings bank, "sales of Federal funds" include transactions which involve the temporary transfer and sale of immediately available funds from the savings bank to a nonmember bank or to a member bank.

N.J. Admin. Code § 3:6-5.2

Amended by R.1974 d.27, eff. 2/1/1974.
See: 6 N.J.R. 2(b), 6 N.J.R. 97(b).
Recodified from N.J.A.C. 3:6-5.3 by R.2001 d.203, effective 6/18/2001.
See: 33 N.J.R. 926(a), 33 N.J.R. 2079(c).
Former N.J.A.C. 3:6-5.2, Definition, was repealed.