§31-12-1. Certain building and loan associations and other
institutions may subscribe to shares of federal
savings and loan association.
Any building and loan association or company or savings and
loan association or company or savings bank or any other
association or corporation that may now or hereafter be eligible to
become a member of any federal home loan bank according to the
terms of the Federal Home Loan Bank Act, as the same may be amended
from time to time, is authorized and empowered to subscribe to the
shares of a federal savings and loan association, and may pay for
such shares in cash or by the transfer or assignment of such assets
of the subscriber as are approved by the federal home loan bank
board in writing, evidenced by the certificate of the federal home
loan bank board on file with the subscriber.