NY Banking L § 215 (2021)
2021 New York Laws BNK - Banking Article 5-A - New York Business Development Corporation 215 - Membership.

§ 215.  Membership.  1.  The members of such corporation shall include   such banking organizations, insurance and surety companies as  may  make   application  for  membership  in  such corporation, and membership shall   become effective upon the acceptance of such applications by  the  board   of  directors.  Each  member shall lend funds to such corporation as and   when called upon by it to do so, but the total amount  on  loan  by  any   member  at  any  one  time  shall  not  exceed the following limit to be   determined as of the time it became a  member,  and  such  amount  shall   thereafter be readjusted annually in the event of any change in the base   of  the  loan  limit  of  such  member;  national  banking associations,   state-chartered commercial banks and trust companies, two  per  cent  of   capital  stock  and surplus; New York savings and loan associations, two   per cent of the surplus account determined as provided in  article  ten,   section  three  hundred  eighty-five;  savings banks, two percent of net   worth as defined in article six, section two hundred  forty-four;  stock   insurance  companies,  two  per  cent of capital and surplus; surety and   casualty  companies,  two  per  cent  of  capital  and  surplus;  mutual   insurance  companies,  two  per  cent  of surplus to policy holders; and   comparable   limits   for   other   banking,   loaning   and   insurance   organizations,  as  established  by  the  board  of directors; provided,   however, that the total amount on loan by  any  member  at  anyone  time   shall  not  exceed  ten million dollars, provided further, however, that   any member having a loan limit in excess  of  ten  million  dollars  may   elect  that its total amount on loan at any one time to such corporation   shall equal said loan limit but in any event  shall  not  exceed  twenty   million  dollars.  In  the event that two or more members shall merge or   consolidate, the organization as so merged or consolidated  shall  elect   that  its total amount on loan to such corporation shall be equal to the   combined loan limits of such members determined immediately  before  the   merger  or  consolidation  but in no event to exceed twenty-five million   dollars  at  any  one  time  outstanding.  All  loan  limits  shall   be   established  at the thousand dollar nearest to the amount computed on an   actual basis. All calls of funds which members are committed to lend  to   such corporation shall be prorated by such corporation among the members   in  the same proportion that the maximum loan limit of each bears to the   aggregate loan limits of all  members  of  such  corporation.  Upon  six   months' prior written notice to the board of directors, a member of such   corporation  may  withdraw from membership, effective at the end of such   six month period and, after the effective date of such withdrawal,  such   member  shall  be  free of obligations hereunder except those accrued or   committed  by  such  corporation  prior  to  such  effective   date   of   withdrawal.  Notwithstanding the provisions of any other law, general or   special,  the  notes  or  other  interest-bearing  obligations  of  such   corporation, issued in accordance with and by virtue of this article and   the  by-laws  of  such  corporation,  shall be legal investments for the   banking,  insurance  and  surety  organizations,  and  other  non-public   entities  who  become members of such corporation, up to but in no event   exceeding the loan limits established herein.2.  Other  entities  may  make  application  for  membership  in  such   corporation  according  to such terms and criteria as established by the   board of directors; except that such  other  entities  may  not  include   public  benefit  corporations established under the laws of the state of   New York.