12 U.S. Code § 1444 - Eligibility to membership in banks
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—
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.
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