26 U.S.C. § 581

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 581 - Definition of bank

For purposes of sections 582 and 584, the term "bank" means a bank or trust company incorporated and doing business under the laws of the United States (including laws relating to the District of Columbia) or of any State, a substantial part of the business of which consists of receiving deposits and making loans and discounts, or of exercising fiduciary powers similar to those permitted to national banks under authority of the Comptroller of the Currency, and which is subject by law to supervision and examination by State or Federal authority having supervision over banking institutions. Such term also means a domestic building and loan association.

26 U.S.C. § 581

Aug. 16, 1954, ch. 736, 68A Stat. 202; Pub. L. 87-722, §5, Sept. 28, 1962, 76 Stat. 670; Pub. L. 94-455, title XIX, §1901(c)(5), Oct. 4, 1976, 90 Stat. 1803.

EDITORIAL NOTES

AMENDMENTS1976-Pub. L. 94-455 substituted "or of any State" for "of any State, or of any Territory" after "District of Columbia)" and struck out ", Territorial," after "examination by State".1962-Pub. L. 87-722 substituted "authority of the Comptroller of the Currency" for "section 11(k) of the Federal Reserve Act (38 Stat. 262; 12 U.S.C. 248(k))".

State

The term "State" shall be construed to include the District of Columbia, where such construction is necessary to carry out provisions of this title.

fiduciary

The term "fiduciary" means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any person.