mutual savings bank
Defined in 2 places across 2 titles of the United States Code.
For purposes of this part, the term “mutual savings bank” includes any bank—
(1) which has capital stock represented by shares, and
(2) which is subject to, and operates under, Federal or State laws relating to mutual savings bank.
Source
- 1994–present26 U.S.C. § 591Internal Revenue Code · Deduction for dividends paid on deposits · for purposes of this part
The term “mutual savings bank” means a bank without capital stock transacting a savings bank business, the net earnings of which inure wholly to the benefit of its depositors after payment of obligations for any advances by its organizers.
Source
- 1994–present12 U.S.C. § 1813Banks and Banking · Definitions · as used in this chapter