12 CFR 366.0 – Definitions
Current as of: 2024 | Check for updates
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As used in this part:
Terms Used In 12 CFR 366.0
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) The word person refers to an individual, corporation, partnership, or other entity with a legally independent existence.
(b) The terms we, our, and us refer to the Federal Deposit Insurance Corporation (FDIC), except when acting as conservator or operator of a bridge bank.
(c) The terms I, me, my, mine, you, and yourself refer to a person who submits an offer to perform or performs, directly or indirectly, contractual services or functions on our behalf.
(d) The phrase insured depository institution refers to any bank or savings association whose deposits are insured by the FDIC.