(a)

Any organization organized under the laws of any State and subject to inspection and regulation under the banking or similar laws of such State shall be eligible to become a member under this chapter if -

(1)

it is organized solely for the purpose of supplying credit to its members;

(2)

its membership

(A)

is confined exclusively to building and loan associations, savings and loan associations, cooperative banks, and homestead associations; or

(B)

is confined exclusively to savings banks; and

(3)

of the institutions to which its membership is confined which are organized within the State, its membership includes a majority of such institutions.

(b)

In all respects, but subject to such additional rules and regulations as the Board may provide, any such organization shall be a member for the purposes of this chapter