Section 6505 - Qualifications for membership in corporation(a) General rule.--(1) The membership of the corporation consists of those associations: (i) the quality and soundness of whose financial affairs, solvency, management and directorship have been certified to the corporation in an expeditious manner, as approved for insurance of savings accounts, by the Secretary of Banking; and(ii) which have thereupon filed a formal application for membership accepted by the board of directors, which acceptance shall not be denied except for good cause shown regarding the quality and soundness of their financial affairs, solvency, management or directorship.(2) The corporation may accept an applicant for membership subject to the imposition of certain conditions concerning the quality and soundness of the applicant's financial affairs, solvency, management and directorship.(3) Subject to the conditions set forth in paragraphs (1) and (2), every association of this Commonwealth may become a member of the corporation and may invest in and pay such assessments, premiums and other charges as may be required for participation in the corporation. Membership in the corporation is for the life of the corporation, subject to the bylaws, rules and regulations of the corporation.(b) Withdrawal.--Any member may withdraw from the corporation upon written notice given one year in advance of the intended date of withdrawal and upon complying with the bylaws, rules and regulations of the corporation.1979, April 6, P.L. 17, No. 5, § 5, effective in 60 days.