2006 New York Code - Membership.

 
    § 215.  Membership.  1.  The members of such corporation shall include
  such banking organizations, insurance and surety companies as  may  make
  application  for  membership  in  such corporation, and membership shall
  become effective upon the acceptance of such applications by  the  board
  of  directors.  Each  member shall lend funds to such corporation as and
  when called upon by it to do so, but the total amount  on  loan  by  any
  member  at  any  one  time  shall  not  exceed the following limit to be
  determined as of the time it became a  member,  and  such  amount  shall
  thereafter be readjusted annually in the event of any change in the base
  of  the  loan  limit  of  such  member;  national  banking associations,
  state-chartered commercial banks and trust companies, two  per  cent  of
  capital  stock  and surplus; New York savings and loan associations, two
  per cent of the surplus account determined as provided in  article  ten,
  section  three  hundred  eighty-five;  savings banks, two percent of net
  worth as defined in article six, section two hundred  forty-four;  stock
  insurance  companies,  two  per  cent of capital and surplus; surety and
  casualty  companies,  two  per  cent  of  capital  and  surplus;  mutual
  insurance  companies,  two  per  cent  of surplus to policy holders; and
  comparable   limits   for   other   banking,   loaning   and   insurance
  organizations,  as  established  by  the  board  of directors; provided,
  however, that the total amount on loan by  any  member  at  anyone  time
  shall  not  exceed  ten million dollars, provided further, however, that
  any member having a loan limit in excess  of  ten  million  dollars  may
  elect  that its total amount on loan at any one time to such corporation
  shall equal said loan limit but in any event  shall  not  exceed  twenty
  million  dollars.  In  the event that two or more members shall merge or
  consolidate, the organization as so merged or consolidated  shall  elect
  that  its total amount on loan to such corporation shall be equal to the
  combined loan limits of such members determined immediately  before  the
  merger  or  consolidation  but in no event to exceed twenty-five million
  dollars  at  any  one  time  outstanding.  All  loan  limits  shall   be
  established  at the thousand dollar nearest to the amount computed on an
  actual basis. All calls of funds which members are committed to lend  to
  such corporation shall be prorated by such corporation among the members
  in  the same proportion that the maximum loan limit of each bears to the
  aggregate loan limits of all  members  of  such  corporation.  Upon  six
  months' prior written notice to the board of directors, a member of such
  corporation  may  withdraw from membership, effective at the end of such
  six month period and, after the effective date of such withdrawal,  such
  member  shall  be  free of obligations hereunder except those accrued or
  committed  by  such  corporation  prior  to  such  effective   date   of
  withdrawal.  Notwithstanding the provisions of any other law, general or
  special,  the  notes  or  other  interest-bearing  obligations  of  such
  corporation, issued in accordance with and by virtue of this article and
  the  by-laws  of  such  corporation,  shall be legal investments for the
  banking,  insurance  and  surety  organizations,  and  other  non-public
  entities  who  become members of such corporation, up to but in no event
  exceeding the loan limits established herein.
    2.  Other  entities  may  make  application  for  membership  in  such
  corporation  according  to such terms and criteria as established by the
  board of directors; except that such  other  entities  may  not  include
  public  benefit  corporations established under the laws of the state of
  New York.