2010 New York Code
BNK - Banking
Article 3 - (94 - 140-A) BANKS AND TRUST COMPANIES
107 - Reserves against deposits.

§ 107.  Reserves  against  deposits.  1.  Every bank and trust company
  shall maintain total reserves against its demand and  time  deposits  in
  such  ratios  as  the  banking  board shall by regulation impose. If the
  principal office or any branch of such bank or trust company is  located
  in  a  special  requirement  area,  as  designated  in  or  pursuant  to
  subdivision two of  this  section  said  bank  or  trust  company  shall
  maintain  such  additional  reserves as may be prescribed by the banking
  board.
    2. The cities of Albany and Buffalo  and  the  boroughs  of  Brooklyn,
  Manhattan  and  The  Bronx  are hereby designated as special requirement
  areas.  The banking board may at any time add to the number of cities or
  boroughs designated as special requirement areas, or may  terminate  the
  designation of any city or borough as such.
    3.  Any part of total reserves may be deposited, subject to call, with
  a federal reserve bank in the district  in  which  such  bank  or  trust
  company  is  located,  or with reserve depositaries, and the reserves on
  hand not so deposited shall consist of any form of  currency  authorized
  by  the laws of the United States. Any bank or trust company which is or
  shall become a member of the federal reserve system shall maintain  such
  reserves  with  a federal reserve bank as are required by or pursuant to
  the federal reserve act and so long as it complies with the requirements
  of such federal reserve act with reference to reserves shall  be  exempt
  from the preceding provisions of this section.
    4.  If  any  bank  or  trust  company shall fail to maintain its total
  reserves in the manner prescribed and authorized  by  this  section,  it
  shall  be  liable to, and shall pay any assessment or assessments levied
  by the superintendent pursuant to the provisions of article two of  this
  chapter.