Mutual Institution definition

Mutual Institution means a savings institution, other than a credit union, that is organized in a nonstock business form. All depositors in a mutual institution have a share in the ownership of the institution, according to the amounts of their deposits.
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Mutual Institution means a mutual savings bank, federal mutual savings bank, mutual savings and loan association or federal mutual savings and loan association;
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Examples of Mutual Institution in a sentence

  • Mutual Institution Rights Your funds may be placed in a Deposit Account at a Destination Institution that is in the mutual form of organization.

  • It is possible that the Mutual Institution also may send notice of its intention to convert to a stock institution, and provide for priority, nontransferable subscription rights for depositor members of the Mutual Institution to purchase stock in the conversion.

  • Mutual Institution Rights Your funds may be placed in a CD at a Destination Institution that is in the mutual form of organization.

  • Because your CD will be identified on the books of the Mutual Institution in the name of the sub-custodian and not in your name, you will not be entitled to attend the meeting or vote by proxy.

  • Because your CD will be identified on the books of the Mutual Institution in the name of the sub-custodian and not in your name, you will not be entitled to exercise any subscription right to purchase the stock, or to vote on the conversion.

Related to Mutual Institution

  • Custodial Institution means any Entity that holds, as a substantial portion of its business, financial assets for the account of others. An entity holds financial assets for the account of others as a substantial portion of its business if the entity’s gross income attributable to the holding of financial assets and related financial services equals or exceeds 20 percent of the entity’s gross income during the shorter of: (i) the three-year period that ends on December 31 (or the final day of a non-calendar year accounting period) prior to the year in which the determination is being made; or (ii) the period during which the entity has been in existence.

  • Medical institution means an organization in which several medical disciplines are practiced.

  • Educational institution means a University or any educational institution recognized by the State Government, a University or other competent authority;

  • Participating Financial Institution means a financial institution participating in Interac e-Transfer Services, Online Payment Services, or Western Union Services, as the case may be.