17-2332.   Same; membership of organization; limitation andapportionment of loans by members; withdrawal.The members of the corporation shall consist of such banks, bankinginstitutions and insurance companies within the state as may makeapplication to this corporation to lend funds to it upon call and up to thelimit herein provided. Each member shall lend funds to this corporation asand when called upon by it to do so, but the total amount on loan by anymember at any one time shall not exceed the following limit, to bedetermined as of the time of it becoming a member: For commercial banks andtrust companies, three percent (3%) of capital and surplus; and comparablelimits for other banking institutions. All loan limits shall be establishedas the thousand dollars amount nearest to the amount computed on an actualbasis. All calls when made by this corporation shall be prorated among themembers of the same proportion that the maximum lending limit of each bearsto the aggregate maximum lending limit of all members. Upon notice givenone (1) year in advance a member of the corporation may withdraw frommembership in the corporation at the expiration date of such notice andfrom said expiration date shall be free from obligations hereunder exceptas to those accrued prior to said expiration date.

      History:   L. 1955, ch. 144, § 5; June 30.