(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;
(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.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
Description of Change
Statutes at Large
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