Legal Dictionary of Pakistan

depository institution

1. An organization formed under state or federal law, authorized by law to receive deposits, and supervised and examined by a government agency for the protection of depositors. 2. A trust company or other institution authorized by law to exercise fiduciary powers similar to those of a national bank. 0 The term does not include an insurance company, a Morris Plan bank, an industrial loan company, or similar bank unless its deposits are insured by a federal agency.