2012 US Code
Title 12 - Banks and Banking
Chapter 11 - FEDERAL HOME LOAN BANKS (§§ 1421 - 1449)
Section 1444 - Eligibility to membership in banks
Publication Title | United States Code, 2012 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 | 2012 |
Laws in Effect as of Date | January 15, 2013 |
Positive Law | No |
Disposition | standard |
Source Credit | July 22, 1932, ch. 522, §24, 47 Stat. 739; Pub. L. 101-73, title VII, §701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110-289, div. A, title II, §1204(8), July 30, 2008, 122 Stat. 2786. |
Statutes at Large References | 47 Stat. 739 103 Stat. 412 122 Stat. 2786 |
Public Law References | Public Law 101-73, Public Law 110-289 |
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(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 Director may provide, any such organization shall be a member for the purposes of this chapter.
(July 22, 1932, ch. 522, §24, 47 Stat. 739; Pub. L. 101–73, title VII, §701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, §1204(8), July 30, 2008, 122 Stat. 2786.)
Amendments2008—Subsec. (b). Pub. L. 110–289 substituted “the Director” for “the Board”.
1989—Subsec. (b). Pub. L. 101–73 substituted “Board” for “board”.
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