12 U.S.C. § 1444

Eligibility to membership in banks

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(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.(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.)Editorial NotesAmendments

2008—Subsec. (b). Pub. L. 110–289 substituted “the Director” for “the Board”.

1989—Subsec. (b). Pub. L. 101–73 substituted “Board” for “board”.

Notes of Decisions

Cited in 1 case, 1984–1984 · leading case: People Ex Rel. Cosentino v. Fed. Reserve Bank, 579 F. Supp. 1261 (N.D. Ill. 1984).

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People Ex Rel. Cosentino v. Fed. Reserve Bank, 579 F. Supp. 1261 (N.D. Ill. 1984). “1981) ( 12 U.S.C. § 1444 ). Two leading commentators also agree that removal of the entire action is appropriate under statutes explicitly authorizing removal.”

Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.