institution
noun
uk/ˌɪnstɪˈtjuːʃən/ us [ C ]
a large and important organization, such as a bank:
Traders said a certain institution had been trying to sell a lot of shares.
Various City institutions were involved in the deal.
Many government institutions will be affected by the spending cuts.
[ C ]
a custom or tradition that has existed for a long time and is accepted as an important part of a particular society:
the institution of marriage
[ U ]
the introduction of a law, system, etc.:
Many are now calling for the institution of a quota system in Parliament and other political bodies to ensure equality.
See also
depository institution
financial institution
thrift institution