ALLcrimesfood&drugstaxestelecomcommercehealthconservationtransportationagricultureveteransbrowse all titles »
0

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

submitted 94 years ago by ch. 522 to r/title-12-BANKS-AND-BANKING · 134 words · no verdicts yet

in plain englishAI-generated · not legal advice

A State-law organization subject to State banking or similar inspection and regulation may become a member under this chapter if: it exists only to provide credit to its members; its membership consists exclusively either of building and loan associations, savings and loan associations, cooperative banks, and homestead associations, or of savings banks; and among the institutions of the allowed kind organized in that State, a majority belong to it. Subject to extra rules the Director issues, such an organization is a member for every purpose of this chapter.

(a) A State-law organization subject to State banking or similar inspection and regulation may become a member under this chapter if: (1) it exists only to provide credit to its members; (2) its membership consists exclusively either of building and loan associations, savings and loan associations, cooperative banks, and homestead associations, or of savings banks; and (3) among the institutions of the allowed kind organized in that State, a majority belong to it. (b) Subject to extra rules the Director issues, such an organization is a member for every purpose of this chapter.
the actual law source: uscode.house.gov ↗public domain
(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.

Source credit: (July 22, 1932, ch. 522, § 24, 47 Stat. 739; Pub. L. 101–73, title VII, § 701(b)(1), (3)(A), Aug. 9, 1989, 103 Stat. 412; Pub. L. 110–289, div. A, title II, § 1204(8), July 30, 2008, 122 Stat. 2786.)

history & why it existsrecord from the source credit
  • 1932Enacted · Act of July 22, 1932, ch. 522 · 47 Stat. 739
  • 1989Amended · Pub. L. 101-73 · 103 Stat. 412
  • 2008Amended · Pub. L. 110-289 · 122 Stat. 2786

A history note hasn’t been published yet. The record shows enactment by ch. 522 on 1932-07-22.

all 0 arguments · sorted by: best

0/280

no arguments yet — make the first case