HARRY HUGHES, Governor

233

(I)   INCREASE THE DEMAND DEPOSIT RESERVE TO
AN AMOUNT EQUAL TO NOT MORE THAN 30 PERCENT OF THOSE
DEPOSITS;

(II)   INCREASE THE TIME DEPOSIT RESERVE TO
AN AMOUNT EQUAL TO NOT MORE THAN 6 PERCENT OF THOSE
DEPOSITS;

(III)   DECREASE THE DEMAND DEPOSIT RESERVE
TO AN AMOUNT EQUAL TO NOT LESS THAN 15 PERCENT OF THOSE
DEPOSITS;

(IV)   DECREASE THE TIME DEPOSIT RESERVE TO
AN AMOUNT EQUAL TO NOT LESS THAN 3 PERCENT OF THOSE
DEPOSITS; AND

(V)   NOTWITHSTANDING ITEMS (I) THROUGH (IV)
OF THIS PARAGRAPH, INCREASE OR DECREASE THE DEMAND DEPOSIT
RESERVE OR TIME DEPOSIT RESERVE TO CONFORM TO THE RESERVE
REQUIREMENTS THAT APPLY TO A MEMBER BANK OF THE FEDERAL
RESERVE SYSTEM.

REVISOR'S NOTE: This section is new language derived
without substantive change from Art.. 11, §§• 77,
76, and 82..

Throughout most of this section, the term
"commercial bank", which is defined in § 1—101 of
this article, is substituted for the diverse
references to a "bank (other than a savings bank
without capital stock) and trust company"; "bank
or trust company"; "bank and trust company";
"banks or trust companies"; and "State bank or
trust company". In subsections (c)(2)(ii) and
(d)(2)(ii) of this section, the phrase "a bank
... in any state" is substituted for "such bank
or banks, (or) trust company or trust companies"
since those deposits may be kept in a bank of
another state. The phrase "any state" is defined
in § 1—101 of this article. In subsection (e)(2)
of this section, the terms "State banks" and
"trust companies" are substituted for the
reference "banks or trust companies or both",
since the Bank Commissioner may change the
reserve requirements for either class of
commercial banks.

Subsection (a) of this section, which is derived
from present Art. 11, § 82, is revised to apply
only to this section. Although the present
provision states that the definitions apply
throughout Art. 11, the defined terms actually
appear only in present Art. 11, §§77 and 78 —
now combined in this section.

In subsection (b) of this section, the present