Regular membership.

(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]