Section 307. Membership

1. The members of such corporation shall consist of
  such  banking organizations, insurance and surety companies, as may make
  application for membership in such  corporation,  and  membership  shall
  become  effective  upon  the  acceptance  of  such  applications  by the
  temporary board of directors or the permanent board of directors, as the
  case may be.  Each member shall lend funds to  the  corporation  as  and
  when  called  upon  by  it to do so, pursuant to subdivision two of this
  section three hundred seven, but the total amount on loan by any  member
  at  any  one time shall not exceed the following limits to be determined
  as of the date it became a member, and such amount shall  thereafter  be
  readjusted  annually  in the event of any change in the base of the loan
  limit of such member:  commercial  banks,  industrial  banks  and  trust
  companies,  one  per centum of capital and surplus; private bankers, one
  per centum of capital; savings banks, one per centum  of  surplus  fund;
  savings  and  loan  associations,  one  per  centum  of  surplus;  stock
  insurance companies, one per centum of capital and surplus;  surety  and
  casualty  companies,  one  per  centum  of  capital  and surplus; mutual
  insurance companies, one per centum of guaranty  funds  or  of  surplus,
  whichever  is  applicable;  and  comparable  limits  for  other banking,
  lending and insurance organizations, as  established  by  the  board  of
  directors;  provided,  however,  that  the  total  amount on loan by any
  member at any one time shall  not  exceed  two  hundred  fifty  thousand
  dollars;  provided,  however, that in the case of banking organizations,
  the superintendent of banks, and in the case  of  insurance  and  surety
  companies,  the  superintendent  of insurance, may authorize a member to
  lend to the corporation  an  amount  in  excess  of  two  hundred  fifty
  thousand  dollars.  All loan limits shall be established at the thousand
  dollar nearest to the amount computed on an actual basis. All  calls  of
  funds  which  members are committed to lend to such corporation shall be
  prorated by such corporation among the members in  the  same  proportion
  that  the  maximum loan limit of each bears to the aggregate loan limits
  of all members of such  corporation.  Upon  six  months'  prior  written
  notice  to  the  board  of  directors,  a member of such corporation may
  withdraw from membership, effective at the end of such six-month  period
  and,  after  the effective date of such withdrawal, such member shall be
  free of obligations hereunder except those accrued or committed by  such
  corporation prior to such effective date of withdrawal.  Notwithstanding
  the  provisions of any other law, general or special, the notes or other
  interest-bearing obligations of such corporation, issued  in  accordance
  with  and by virtue of this article and the by-laws of such corporation,
  shall be  legal  investments  for  the  banking,  insurance  and  surety
  organizations  who  become members of such corporations, up to but in no
  event exceeding the loan limits established herein.
    2. The board of directors of the  corporation  may,  on  thirty  days'
  written  notice  to  its  members, make a call of all or any part of the
  funds which such members are committed to lend pursuant  to  subdivision
  one  of  this  section.  The  debentures  or  evidences  of  debt of the
  corporation issued pursuant to the provisions of this article or by-laws
  may contain such terms and provisions as the board of directors  of  the
  corporation   shall  deem  advisable,  including,  but  not  limited  to
  provisions  concerning  interest  rates,  maturities,   sinking   funds,
  redemptions and refundings.