455 ¶ 456 457 458 cates, certificates of indebtedness, and all taxes, which the member is directly obligated to pay. § 521.5 Deposits in banks or trust companies. The term "deposits in banks or trust companies" includes a checking account maintained by a Federal Home Loan Bank with the Treasurer of the United States, or a deposit in another Federal Home Loan Bank. § 521.6 Home mortgage. The term "home mortgage" means a mortgage upon real estate in fee simple, or on a leasehold (a) under a lease for not less than 99 years which is renewable or (b) under a lease for not less than 50 years to run from the date the mortgage was executed, upon which is located, or which comprises or includes, one or more homes or other dwelling units, and includes, in addition to first mortgages, real estate sales contracts and such other classes of first liens as are commonly given to secure advances on real estate by institutions authorized under the act to become members under the laws of the State in which the real estate is located, together with the credit instruments, if any, secured thereby. § 521.6-1 Home. The term "home" means a structure designed for residential use for one family. § 521.6-2 Other dwelling unit. The term "other dwelling unit" means a single combination of rooms suitable for a family, in a structure designed primarily for residential use that is not a home as defined in section 521.6-1. 51 computed for the time such payments were invested in the Bank's stock. Sec. 522.23 Designation and nomination of elective director ships. 522.24 Election of directors. 522.25 Prohibition of actions influencing votes. 522.26 Saving clause. ¶ 480 481 482 ¶483 § 522.10 Issuance of stock certificates. When a Bank receives advice that an institution has been approved for membership by the Board, it shall issue as of the effective date of such membership, in the name of such member, a certificate of stock for the full amount of such member's stock subscription and upon the issuance of such certificate, such member shall be deemed a stockholder of record; but where such member has not made full and final payment on account of its stock subscription, the Bank shall hold the stock certificates so issued until full payment therefor has been received by the Bank. Upon the change in the name of a member a new certificate shall be issued in the new name of the member. § 522.11 Stock certificates in consolidations. Upon the consolidation of two or more member institutions into a single institution operating under the charter of one of the consolidating institutions, the stock subscriptions of the institutions, other than the one surviving, may be refunded to the consolidated institution after adjustment to the minimum number of shares required to be held by the consolidated institution under the provisions of section 6(c) and/or section 10(c) of the act. § 522.12 Stock certificates in reorganizations. If a member institution reorganizes by transferring all of its assets to another institution or by transferring a portion of its assets to such institution and retaining the remainder for liquidating, the Bank shall, subject to the approval of the Board, and providing no advances are outstanding necessitating the holding of the stock as collateral, either refund to the member the value thereof (which shall not exceed the amount paid in), or, at its discretion, to the institution acquiring the assets; except, however, in lieu of the latter, if the institution acquiring the assets has made application and has been approved for membership, the Bank is authorized to apply as a payment on the stock subscription of such institution the refund value of the liquidating member's stock. $522.13 Lost or destroyed certificates. The Banks are authorized to issue certificates of stock to replace certificates lost or destroyed, |