26 U.S.C. § 581 : US Code - Section 581: Definition of bank

Search 26 U.S.C. § 581 : US Code - 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, Territorial, or Federal authority having
supervision over banking institutions. Such term also means a
domestic building and loan association.