1994 US Code
Title 12 - BANKS AND BANKING
CHAPTER 11 - FEDERAL HOME LOAN BANKS
Sec. 1444 - Eligibility to membership in banks
View Metadata| Publication Title | United States Code, 1994 Edition, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 11 - FEDERAL HOME LOAN BANKS Sec. 1444 - Eligibility to membership in banks |
| Contains | section 1444 |
| Date | 1994 |
| Laws in Effect as of Date | January 4, 1995 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | July 22, 1932, ch. 522, §24, 47 Stat. 739; Aug. 9, 1989, Pub. L. 101-73, title VII, §701(b)(1), (3)(A), 103 Stat. 412. |
| Statutes at Large References | 47 Stat. 739 103 Stat. 412 |
| Public Law References | Public Law 101-73 |
§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.
(b) In all respects, but subject to such additional rules and regulations as the Board may provide, any such organization shall be a member for the purposes of this chapter.
(July 22, 1932, ch. 522, §24, 47 Stat. 739; Aug. 9, 1989, Pub. L. 101–73, title VII, §701(b)(1), (3)(A), 103 Stat. 412.)
Amendments1989—Subsec. (b). Pub. L. 101–73 substituted “Board” for “board”.
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