12 U.S.C. § 1444 : US Code - Section 1444: Eligibility to membership in banks

Search 12 U.S.C. § 1444 : US Code - Section 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.