12 USC 1444 – Eligibility to membership in banks
(a) Any organization organized under the laws of any State and subject to inspection and regulation under the banking or similar laws of such State shall be eligible to become a member under this chapter if—
(1) it is organized solely for the purpose of supplying credit to its members;
(2) its membership (A) is confined exclusively to building and loan associations, savings and loan associations, cooperative banks, and homestead associations; or (B) is confined exclusively to savings banks; and
(3) of the institutions to which its membership is confined which are organized within the State, its membership includes a majority of such institutions.
Terms Used In 12 USC 1444
- Director: means the Director of the Federal Housing Finance Agency. See 12 USC 1422
- member: means any institution which has subscribed for the stock of a Federal Home Loan Bank. See 12 USC 1422
- State: means a State, the District of Columbia, the Commonwealth of Puerto Rico, or any other territory or possession of the United States. See 1 USC 7
(b) In all respects, but subject to such additional rules and regulations as the Director may provide, any such organization shall be a member for the purposes of this chapter.