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.
(Aug. 16, 1954, ch. 736, 68A Stat. 202; Sept. 28, 1962, Pub. L. 87-722, 5, 76 Stat. 670; Oct. 4, 1976, Pub. L. 94-455, title XIX, 1901(c)(5), 90 Stat. 1803.)
BACKGROUND NOTES
Amendments to Subchapter
1976--Pub. L. 94-455, title XIX, 1901(b)(20)(C), Oct. 4, 1976, 90 Stat. 1797, struck out part III from
subchapter analysis.
Amendments to Part
1986--Pub. L. 99-514, title IX, 901(d)(4)(H), Oct. 22, 1986, 100 Stat. 2380, struck out item 586 “Reserves
for losses on loans of small business investment companies, etc.”
1976--Pub. L. 94-455, title XIX, 1901(b)(18), Oct. 4, 1976, 90 Stat. 1796, struck out item 583 “Deductions
of dividends paid on certain preferred stock”.
1969--Pub. L. 91-172, title IV, 431(c)(2), Dec. 30, 1969, 83 Stat. 620, substituted “Bad debts, losses,
and gains with respect to securities held by financial institutions”, for “Bad debt
and loss deduction with respect to securities held by banks” in item 582, and added
items 585 and 586.
AMENDMENTS
1976--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))”.
