Section 202-C. Reserves against deposits

Each  such  foreign  banking
  corporation which is authorized to maintain a branch or branches in this
  state shall maintain such reserves against the deposits of  such  branch
  or  branches  as  may  be required from time to time by the laws of this
  state to be maintained by banks and trust companies. Such reserves shall
  be maintained, subject to call, as provided by sections thirty-three and
  one hundred seven of this chapter;  provided,  however,  that  any  such
  foreign  banking  corporation  which  maintains  reserves with a federal
  reserve bank pursuant to federal law shall be exempt from the  preceding
  provisions  of  this  section  so  long  as  it  shall  comply  with the
  requirements of such  law  with  reference  to  reserves,  and  provided
  further  that  the  banking  board may determine that it is necessary or
  appropriate to require such a foreign banking  corporation  to  maintain
  additional  reserves  against  the deposits of its branch or branches in
  this  state,  taking  into  consideration  the  character  of   business
  conducted  by  such  institutions  and the need to maintain vigorous and
  fair competition between and among such  branches  and  banks  organized
  under  the  laws of this state. As to any such additional reserves which
  are required to be maintained pursuant to this section,  to  the  extent
  permitted  by  the  superintendent,  amounts carried on the books of any
  such branch or branches as credits to the account of another  office  or
  branch  or  wholly  owned  (except  for  a  nominal number of directors'
  shares) subsidiary of such foreign  banking  corporation  shall  not  be
  deemed to be deposits.