§ 1444. — Eligibility to membership in banks.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1444]
TITLE 12--BANKS AND BANKING
CHAPTER 11--FEDERAL HOME LOAN BANKS
Sec. 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, Sec. 24, 47 Stat. 739; Pub. L. 101-73, title
VII, Sec. 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412.)
Amendments
1989--Subsec. (b). Pub. L. 101-73 substituted ``Board'' for
``board''.
