1. Any savings bank which 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 of 1932, 12 U.S.C. 1421 to 1449, inclusive, as amended or supplemented, may: (a) Subscribe for, purchase, own and hold stock in such Federal Home Loan Bank, and become a member thereof. (b) Borrow money from any Federal Home Loan Bank pursuant to the Federal Home Loan Bank Act, as amended or supplemented. (c) Invest in the bonds of any Federal Home Loan Bank. (d) Give its obligations and pledge securities and conform to the provisions of the Federal Home Loan Bank Act, and to the rules and regulations from time to time fixed and prescribed either by the Federal Home Loan Bank Board or the Federal Home Loan Bank of which it is a member. (e) Perform any acts and execute any instruments authorized or required by the Federal Home Loan Bank Act, as amended or supplemented, or by rules and regulations adopted pursuant to the Act. 2. All acts authorized by subsection 1 performed prior to March 18, 1935, are hereby validated and confirmed.
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