| This article deals with the important issue of the legal definition of commercial bank. It traces the evolution of the legal definition of banks and the business of banking in British Laws. British banking law, since1694, Bank of England Act enacted has been300years, the historical experience and legislation technique must worth us to learn from. The subject is important as it affects the business which a bank can conduct, as well as the validity of non-bank financial institutions engaging exactly the business of banking.In the writer’s vies, this paper tries to make a contribution to concluding the evolution rule of the definition of banking in British Laws, and give a new standard definition based on the comparative study relating to the meaning of banking in United Kingdom, United States and China Banking Law, which I call "essential bank", that is to say, the definition reflect the core characteristic of commercial bank that different from the non-bank financial institutions.The legal definition of commercial banks in British Laws, which is the result of the case law and the statute law influence each other. In the history, one of the evolution rules of the definition of banks in British Laws is the recent banking regulations dealing with the meaning of deposit-taking business gather the numerous court decisions in history. Secondly, the key point under consideration is from institution to business behavior. Thirdly, the business of accepting deposit increasingly becomes the core meaning of the banking business and the extension meaning wider and wider. Fourthly, the legislative technically experienced identified by the doctrine of the substance to the form, and finally to the both form and substance.At last, this article attempt to provide a new definition of commercial bank, but merely focus attention on the core meaning of it, namely,"commercial bank" is the corporation who has been authorized to accept demand deposit from the public in the course of business. |
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