§ 313. Participation. Notwithstanding any rule at common law or any
provision of any general or special law or any provision in their
respective charters, agreements of association, articles of organization
or certificates of incorporation:

1. All banking organizations, insurance and surety companies are
hereby authorized to become members of the corporation established by
this article and to make loans to such corporation as provided herein;

2. A banking organization which does not become a member of the
corporation established by this article shall not acquire any shares of
the capital stock of such corporation;

3. Each banking organization, insurance and surety company which
becomes a member of the corporation established by this article is
hereby authorized to acquire, purchase, hold, sell, assign, transfer,
mortgage, pledge, or otherwise dispose of any bonds, securities or other
evidences of indebtedness issued by such corporation or the shares of
its capital stock, and while owners of said stock, to exercise all the
rights, powers and privileges of ownership, including the right to vote
thereon, all without the approval of any regulatory authority of this
state; provided, however, that the amount of the capital stock of such
corporation which may be acquired by any member pursuant to the
authority granted herein, shall not exceed ten per centum of the loan
limit of such member as defined by section three hundred seven of this
article. The amount of capital stock of such corporation which any
member is authorized to acquire pursuant to the authority granted herein
shall be in addition to the amount of capital stock in corporations
which such member may otherwise be authorized to acquire.