§ 103 Bank Definition In Law

• •A “bank” must be an incorporated institution.
• •It can be in commercial banking, industrial banking, or trust business.
• •The definition is used throughout the Financial Institutions Law.

A new corporation opens a branch that takes people's money, gives out loans, and also manages trust accounts for families.

Because the company is incorporated and does commercial banking, industrial banking, or trust work, the law treats it as a “bank.”