7 Pa. Stat. § 702

Current through P.A. Acts 2023-32

Section 702 - Definitions for purpose of reserve requirement

For the purposes of the reserve requirement imposed by section 703 and the composition of the required reserve fund under section 704, the terms:

(a) "reserve agent" shall mean a depository of the institution selected as provided in section 610 and approved by the department for the deposit of funds included in the required reserve fund; and

(b) "instrumentality of the United States" shall mean the Federal National Mortgage Association, a Federal Land Bank, a Federal Home Loan Bank, a Bank for Cooperatives and a Federal Intermediate Credit Bank.

7 P.S. § 702

1965, Nov. 30, P.L. 847, No. 356, § 702. Amended 1982, April 8, P.L. 262, No. 79, § 9, imd. effective.