Section 7-1-281 - Participation in federal programsAny bank may:
(1) Become a member of the Federal Reserve System and conform to the rules and regulations of that system and the federal reserve bank of which it is a member;(2) Become an insured bank pursuant to the Federal Deposit Insurance Act and take all action necessary to the maintenance of insured status thereunder;(3) Apply for and obtain insurance on loans pursuant to national housing legislation.