NY Priv Hous Fin L § 307 (2021)
2021 New York Laws PVH - Private Housing Finance Article 7 - Mortgage Facilities Corporation 307 - Membership.

§ 307. Membership. 1. The members of such corporation shall consist of   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   temporary board of directors or the permanent board of directors, as the   case may be. Each member shall lend funds to the corporation as and when   called upon by it to do so, pursuant to subdivision two of this section,   but the total amount on loan by any member at any  one  time  shall  not   exceed  the following limits to be determined as of the date 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:   commercial banks, industrial banks and trust companies, one  per  centum   of  capital  and  surplus;  private  bankers, one per centum of capital;   savings banks,  one  per  centum  of  surplus  fund;  savings  and  loan   associations,  one per centum of surplus; stock insurance companies, one   per centum of capital and surplus; surety and  casualty  companies,  one   per  centum  of capital and surplus; mutual insurance companies, one per   centum of guaranty funds or of surplus,  whichever  is  applicable;  and   comparable   limits   for   other   banking,   lending   and   insurance   organizations, as established  by  the  board  of  directors;  provided,   however,  that  the  total  amount on loan by any member at any one time   shall not exceed two hundred fifty thousand dollars; provided,  however,   that  in  the case of banking organizations and in the case of insurance   and surety  companies  the  superintendent  of  financial  services  may   authorize a member to lend to the corporation an amount in excess of two   hundred  fifty thousand dollars. 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 who become members  of  such   corporations,   up  to  but  in  no  event  exceeding  the  loan  limits   established herein.2. The board of directors of the  corporation  may,  on  thirty  days'   written  notice  to  its  members, make a call of all or any part of the   funds which such members are committed to lend pursuant  to  subdivision   one  of  this  section.  The  debentures  or  evidences  of  debt of the   corporation issued pursuant to the provisions of this article or by-laws   may contain such terms and provisions as the board of directors  of  the   corporation   shall  deem  advisable,  including,  but  not  limited  to   provisions  concerning  interest  rates,  maturities,   sinking   funds,   redemptions and refundings.