Any financial institution may request membership in the corporation by making application to the board of directors on that form and in that manner as the board of directors may require, and the membership becomes effective upon acceptance of the application by the board.
HISTORY: 1962 Code Section 12-1142; 1958 (50) 1886; 2015 Act No. 60 (S.389), Section 1, eff June 4, 2015.
Effect of Amendment
2015 Act No. 60, Section 1, twice substituted "that" for "such", substituted "becomes effective" for "shall become", and substituted "of the application" for "of such application".