
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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''.
