Every state bank which is not a member of the Federal Reserve System shall maintain the same reserves against deposits as required for a state bank which is a member of the Federal Reserve System. These reserves must be maintained in the same kind of assets as required for member banks.
S.C. Code Ann. § 34-9-130
Reserve requirements of state banks
1962 Code SECTION 8-154; 1952 Code SECTION 8-154; 1942 Code SECTION 7844; 1932 Code SECTION 7863; Civ
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.