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12 U.S.C. § 1444 - U.S. Code - Unannotated Title 12. Banks and Banking § 1444. Eligibility to membership in banks

Current as of January 01, 2024 | Updated by FindLaw Staff

(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.

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Cite this article: FindLaw.com - 12 U.S.C. § 1444 - U.S. Code - Unannotated Title 12. Banks and Banking § 1444. Eligibility to membership in banks - last updated January 01, 2024 | https://codes.findlaw.com/us/title-12-banks-and-banking/12-usc-sect-1444/

Read this complete 12 U.S.C. § 1444 - U.S. Code - Unannotated Title 12. Banks and Banking § 1444. Eligibility to membership in banks on Westlaw. Westlaw subscription required.

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