1263.21—Issuance and form of stock.
(a)
A Bank shall issue to each new member, as of the effective date of membership, stock in the member's name for the amount of stock purchased and paid for in full.
(b)
If the member purchases stock in installments, the stock shall be issued in installments with the appropriate number of shares issued after each payment is made.
(c)
A Bank that has not converted to the capital structure authorized by the GLB Act may issue stock in certificated or uncertificated form at the discretion of the Bank.
(d)
A Bank that has not converted to the capital structure authorized by the GLB Act may convert all outstanding certificated stock to uncertificated form at its discretion.