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Umbilical cord
As far as I remember, they don't keep the actual umbilical cord, they keep a sample of blood taken from the umbilical cord.
But my last child was 15 years ago, so things may have changed since then.
No idea what the law is, but I had it taken for each child and gave my consent (can't remember the exact wording) for it to be used (if it was ever needed) as a source of stem cells for my children, or anyone else who needed it, or for any other life saving medical research.
I genuinely hope it gets used and saves lives.
You have to arrange the service in advance, i.e. before the birth. It's quite expensive, but of course it can save life in the future. In Belgium is situated one of the largest cryo banks in Europe.
Check this website, for example: http://cryo-save.com/en/home.
I don't recommend it, it's just the first site from google.
We didn't have to "arrange" anything. The gyno just asked if we wanted to participate, and we obviously said yes. This was at Edith Cavell with the same gyno for all three kids. Didn't pay anything either. There are "paying" services where you reserve it for yourself / family, but we didn't do that, and I don't even think it was offered (or existed) at the time. I think it was held by the hospital, or a university or something.