A natural person credit union may become a Regular member of the Facility by:
Making application on a form approved by the Facility;
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;1 and
1 A credit union which submits its application for membership prior to October 1, 1979, is not required to forward these funds to the Facility until October 1, 1979.
Furnishing the following reports and documents with the completed membership application:
A copy of the credit union's financial and statistical report for the most recent calendar month; and
Copies of the credit union's charter and bylaws, unless the credit union is federally chartered.
A credit union which becomes a Regular member of the Facility after February 23, 1980, may not receive Facility advances without approval of the NCUA Board for a period of six months after becoming a member. This subsection shall not apply to any credit union which becomes a Regular member of the Facility within six months after such credit union is chartered, or which has had access to Facility funds through an Agent member of the Facility at any time within six months prior to becoming a Regular member of the Facility.
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