Section 313. Participation

Notwithstanding any rule at common law or any
  provision of any general or  special  law  or  any  provision  in  their
  respective charters, agreements of association, articles of organization
  or certificates of incorporation:
    1.  All  banking  organizations,  insurance  and  surety companies are
  hereby authorized to become members of the  corporation  established  by
  this article and to make loans to such corporation as provided herein;
    2.  A  banking  organization  which  does  not  become a member of the
  corporation established by this article shall not acquire any shares  of
  the capital stock of such corporation;
    3.  Each  banking  organization,  insurance  and  surety company which
  becomes a member of the  corporation  established  by  this  article  is
  hereby  authorized  to  acquire, purchase, hold, sell, assign, transfer,
  mortgage, pledge, or otherwise dispose of any bonds, securities or other
  evidences of indebtedness issued by such corporation or  the  shares  of
  its  capital  stock, and while owners of said stock, to exercise all the
  rights, powers and privileges of ownership, including the right to  vote
  thereon,  all  without  the approval of any regulatory authority of this
  state; provided, however, that the amount of the capital stock  of  such
  corporation  which  may  be  acquired  by  any  member  pursuant  to the
  authority granted herein, shall not exceed ten per centum  of  the  loan
  limit  of  such member as defined by section three hundred seven of this
  article. The amount of capital  stock  of  such  corporation  which  any
  member is authorized to acquire pursuant to the authority granted herein
  shall  be  in  addition  to  the amount of capital stock in corporations
  which such member may otherwise be authorized to acquire.