8-322. Membership in Federal Home Loan Bank authorized; power to utilize federal agencies; power to obtain advances; use of funds.
170 words·~1 min read·
/ne/chapter-8/8-322A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any building and loan association is hereby authorized
(1)to subscribe for the stock of and to become a member of the Federal Home Loan Bank for the district in which it may be located or for the stock of a Federal Home Loan Bank of an adjoining district if demanded by convenience;
(2)to obtain advances from the Federal Home Loan Bank System, under the rules and regulations promulgated by the bank of which the association is a member, to obtain advances from any other corporation or agency established by or under authority of the United States Government, and to assign its mortgages or such other assets as may be required as security therefor; and
(3)to do and perform such acts as may be necessary and required to avail to it all the advantages and privileges offered by the Federal Home Loan Bank or offered by any other corporation or agency established under the authority of the United States Government or any instrumentality of the United States Government.