Section 106. Deposits by banks and trust companies with other banking corporations and private bankers; restrictions

1. No  bank  or  trust  company  shall  deposit  any  of  its  funds  with  any other foreign or
  domestic banking corporation or private banker in  an  amount  exceeding
  one  hundred per centum of the capital stock, surplus fund and undivided
  profits of  such  bank  or  trust  company  unless  such  other  banking
  corporation or private banker has been approved by the superintendent as
  a  depositary  for the purpose of this section, in which case the amount
  so deposited may equal but shall not  exceed  such  per  centum  of  the
  capital  stock, surplus fund and undivided profits of such bank or trust
  company as the superintendent shall approve.
    2. The restrictions contained in  this  section  shall  not  apply  to
  deposits by any bank or trust company with a federal reserve bank.