§ 581. Definition of bank

Statutory text

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.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1954
Aug. 16, 1954, ch. 736, 68A Stat. 202 · 68A Stat. 202
Enacted · 26 U.S.C. § 581
Aug. 16, 1954, ch. 736, 68A Stat. 202
Source evidence
Code source credit
Aug. 16, 1954, ch. 736, 68A Stat. 202
1962
Pub. L. 87–722 § 5 · 76 Stat. 668
Substituted · 26 U.S.C. § 581
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))”
Source evidence
Code amendment note
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))”.
Enacted provision · exact public law section
Sec. 5. Section 581 of the Internal Revenue Code of 1954 is amended by striking out “section 11 (k) of the Federal Reserve Act (38 Stat. 262; 12 U.S.C. 248(k))”, and inserting in lieu thereof “authority of the Comptroller of the Currency”.
1976
Pub. L. 94–455 title XIX § 1901(c)(5) · 90 Stat. 1520
1. Substituted · 26 U.S.C. § 581
  Pub. L. 94–455 substituted “or of any State” for “of any State, or of any Territory” after “District of Columbia)”
2. Struck · 26 U.S.C. § 581
  Pub. L. 94–455 struck out “, Territorial,” after “examination by State”
Source evidence
Code amendment note
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”.
Enacted provision · exact public law section
(5) Section 581 is amended by striking out “, of any State, or of any Territory” and inserting m lieu thereof “or of any State”, and by striking out “, Territorial,”.

3 of 4 references resolved to an enrolled provision · 1 partial

Editorial Notes

Amendments1962–1976 · 2 rounds

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))”.

Credits

1954–1976 · 3 acts

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

Show as published

(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.)