§ 1444. Eligibility to membership in banks

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1932

   Federal Home Loan Bank Act

   Pub. L. 72–522 § 24 · 47 Stat. 725

   Enacted · 12 U.S.C. § 1444

   July 22, 1932, ch. 522, § 24, 47 Stat. 739

   Source evidence

   Code source credit
   July 22, 1932, ch. 522, § 24, 47 Stat. 739

   Enacted provision · exact public law section
   Sec. 24. (a) Any organization organized under the laws of any Eligibility for membership. 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 Act 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) To become member if qualifying. 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 Act.

2. 1989

   Financial Institutions Reform, Recovery, and Enforcement Act of 1989

   Pub. L. 101–73 title VII § 701(b)(1) · 103 Stat. 183

   Substituted · 12 U.S.C. § 1444(b)

   Pub. L. 101–73 substituted “Board” for “board”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 101–73 substituted “Board” for “board”.

   Enacted provision · exact public law section
   (1) In general— Except as otherwise specifically provided in 12 USC 1421 et seq. this title, the Federal Home Loan Bank Act is amended by striking “board” (other than in section 7) and “Federal Home Loan Bank Board” each place such terms appear and inserting “Board”.

3. 2008

   Federal Housing Finance Regulatory Reform Act of 2008

   Pub. L. 110–289 div. A title II § 1204(8) · 122 Stat. 2654

   Substituted · 12 U.S.C. § 1444(b)

   Pub. L. 110–289 substituted “the Director” for “the Board”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 110–289 substituted “the Director” for “the Board”.

   Enacted provision · exact public law section
   (8) by striking 12 USC 1422 et al. “the Board” each place that term appears and inserting “the Director”;

3 of 3 references resolved to an enrolled provision