New Hampshire Revised Statutes 384-F:38 – Pledge of Assets
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I. Each foreign bank which is licensed to establish and maintain a New Hampshire state branch or New Hampshire state agency shall keep on deposit, in accordance with such rules or orders as the commissioner shall adopt, with such unaffiliated New Hampshire banks as such foreign bank may designate and the commissioner may approve, interest-bearing stocks and bonds, notes, debentures, or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of this state, or of a city, county, town, village, school district, or instrumentality of this state or guaranteed by this state, or dollar deposits, or obligations of the International Bank for Reconstruction and Development, or obligations issued by the InterAmerican Development Bank, or obligations of the Asian Development Bank, or obligations issued by the African Development Bank, or such other assets as the commissioner shall by rule or order permit, to an aggregate amount to be determined by the commissioner, based upon principal amount or market value, whichever is lower, in the case of the above-described securities, and subject to such limitations as he or she shall prescribe.
II. The commissioner may from time to time require that the assets deposited pursuant to this section may be maintained by the foreign bank in such amount, in such form and subject to such conditions as he or she shall deem necessary or desirable for the maintenance of a sound financial condition, the protection of depositors, and the public interest, and to maintain public confidence in the business of such New Hampshire state branch or New Hampshire state agency. The commissioner may give credit to reserves required to be maintained with a federal reserve bank in or outside this state pursuant to federal law, in accordance with such rules as the commissioner may adopt pursuant to RSA 541-A.
III. So long as it shall continue business in the ordinary course, such foreign bank shall be permitted to collect interest on the securities deposited under this section and from time to time exchange, examine, and compare such securities under such conditions as the commissioner may require.
II. The commissioner may from time to time require that the assets deposited pursuant to this section may be maintained by the foreign bank in such amount, in such form and subject to such conditions as he or she shall deem necessary or desirable for the maintenance of a sound financial condition, the protection of depositors, and the public interest, and to maintain public confidence in the business of such New Hampshire state branch or New Hampshire state agency. The commissioner may give credit to reserves required to be maintained with a federal reserve bank in or outside this state pursuant to federal law, in accordance with such rules as the commissioner may adopt pursuant to RSA 541-A.
Terms Used In New Hampshire Revised Statutes 384-F:38
- Agency: when used in reference to an office of a foreign bank, shall have the same meaning as set forth in section 1(b)(1) of the federal International Banking Act (12 U. See New Hampshire Revised Statutes 384-F:2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- bank: as used in this chapter shall not in any event include a foreign bank or a branch or agency of a foreign bank. See New Hampshire Revised Statutes 384-F:2
- Branch: when used in reference to an office of a foreign bank, shall have the same meaning as set forth in section 1(b)(3) of the federal International Banking Act (12 U. See New Hampshire Revised Statutes 384-F:2
- Commissioner: means the New Hampshire bank commissioner. See New Hampshire Revised Statutes 384-F:2
- Foreign bank: means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, that engages directly in the business of banking. See New Hampshire Revised Statutes 384-F:2
- New Hampshire state agency: when used in reference to an office of a foreign bank, shall mean an agency of a foreign bank that is located in this state and licensed pursuant to the provisions of this chapter. See New Hampshire Revised Statutes 384-F:2
- New Hampshire state branch: when used in reference to an office of a foreign bank, shall mean a branch of a foreign bank that is located in this state and licensed pursuant to the provisions of this chapter. See New Hampshire Revised Statutes 384-F:2
- State: has the same meaning as is set forth in section 3(a)(3) of the Federal Deposit Insurance Act (12 U. See New Hampshire Revised Statutes 384-F:2
- United States: when used in a geographical sense, means the several states, the District of Columbia, Puerto Rico, Guam, American Samoa, the American Virgin Islands, the Trust Territory of the Pacific Islands, and any other territory of the United States; and, when used in a political sense, means the federal government of the United States. See New Hampshire Revised Statutes 384-F:2
III. So long as it shall continue business in the ordinary course, such foreign bank shall be permitted to collect interest on the securities deposited under this section and from time to time exchange, examine, and compare such securities under such conditions as the commissioner may require.