(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 §725.5(b) of this part, and forwarding with its completed application funds equal to one-half of this stock subscription; and

(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) [Reserved]

[44 FR 49437, Aug. 23, 1979, as amended at 47 FR 1371, Jan. 13, 1982; 84 FR 1608, Feb. 5, 2019; 85 FR 23735, Apr. 29, 2020]