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—
it is organized solely for the purpose of supplying credit to its members;
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
of the institutions to which its membership is confined which are organized within the State, its membership includes a majority of such institutions.
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.
July 22, 1932, ch. 522, § 2447 Stat. 739Pub. L. 101–73, title VII, § 701(b)(1)103 Stat. 412Pub. L. 110–289, div. A, title II, § 1204(8)122 Stat. 2786(, ; , (3)(A), , ; , , .)
Editorial Notes
Amendments
Pub. L. 110–2892008—Subsec. (b). substituted “the Director” for “the Board”.
Pub. L. 101–731989—Subsec. (b). substituted “Board” for “board”.