[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1795c]
TITLE 12--BANKS AND BANKING
CHAPTER 14--FEDERAL CREDIT UNIONS
SUBCHAPTER III--CENTRAL LIQUIDITY FACILITY
Sec. 1795c. Membership
(a) Credit unions serving natural persons
A credit union primarily serving natural persons may be a Regular
member of the Facility by subscribing to the capital stock of the
Facility in an amount not less than one-half of 1 per centum of the
credit union's paid-in and unimpaired capital and surplus.
(b) Credit unions serving other credit unions
A credit union or group of credit unions, primarily serving other
credit unions, may be an Agent member of the Facility by--
(1) obtaining the approval of the Board;
(2) subscribing to the capital stock of the Facility in an
amount not less than one-half of 1 per centum of the paid-in and
unimpaired capital and surplus of all those credit unions which
primarily serve natural persons, which are members of such credit
union or of any credit union comprising such credit union group, and
which are not regular members;
(3) agreeing to comply with rules and regulations the Board
shall prescribe with respect to, but not limited to, management
quality, asset and liability safety and soundness, internal
operating and control practices and procedures, and participation of
natural persons in the affairs or \1\ such credit union or credit
union group; and
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\1\ So in original. Probably should be ``of''.
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(4) agreeing to submit to the supervision of the Board which
shall include, but not be limited to, reporting requirements and
periodic unrestricted examinations.
(c) Stock subscription requirements
Stock subscriptions provided for in subsections (a) and (b)(2) of
this section shall be--
(1) based on an arithmetic average of paid-in capital and
surplus over the six months preceding application and membership;
and
(2) adjusted at the close of each calendar year in accordance
with an arithmetic average of paid-in capital