“Institution” in a legal context typically refers to the establishment or organisation responsible for carrying out specific functions, such as a government agency, educational institution, or corporation. It can also refer to the process of initiating legal proceedings against an individual or entity. Additionally, “institution” may denote a formal rule, custom, or practice established within a particular legal system or community. Overall, the term is broad and can encompass various meanings depending on the context in which it is used within the legal domain.
An organisation which is in the business of holding assets. Examples include banks, insurance companies, and investment companies.
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This glossary post was last updated: 29th March, 2024.
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