[Code of Federal Regulations]

[Title 12, Volume 6]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR725.3]



[Page 589]

 

                       TITLE 12--BANKS AND BANKING

 

            CHAPTER VII--NATIONAL CREDIT UNION ADMINISTRATION

 

PART 725_NATIONAL CREDIT UNION ADMINISTRATION CENTRAL LIQUIDITY FACILITY

--Table of Contents

 

Sec. 725.3  Regular membership.



    (a) A natural person credit union may become a Regular member of the 

Facility by:

    (1) Making application on a form approved by the Facility;

    (2) Subscribing to capital stock of the Facility in an amount equal 

to one-half of 1 percent of the credit union's paid-in and unimpaired 

capital and surplus, as determined in accordance with Sec. 725.5(b) of 

this part, and forwarding with its completed application funds equal to 

one-half of this stock subscription;\1\ and

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    \1\ A credit union which submits its application for membership 

prior to October 1, 1979, is not required to forward these funds to the 

Facility until October 1, 1979.

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    (3) Furnishing the following reports and documents with the 

completed membership application:

    (i) A copy of the credit union's financial and statistical report 

for the most recent calendar month; and

    (ii) Copies of the credit union's charter and bylaws, unless the 

credit union is federally chartered.

    (b) A credit union which becomes a Regular member of the Facility 

after February 23, 1980, may not receive Facility advances without 

approval of the NCUA Board for a period of six months after becoming a 

member. This subsection shall not apply to any credit union which 

becomes a Regular member of the Facility within six months after such 

credit union is chartered, or which has had access to Facility funds 

through an Agent member of the Facility at any time within six months 

prior to becoming a Regular member of the Facility.



[44 FR 49437, Aug. 23, 1979, as amended at 47 FR 1371, Jan. 13, 1982]