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English definition of “institution”

institution

noun
 
 
/ˌɪnstɪˈtjuːʃən/
[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
(Definition of institution from the Cambridge Business English Dictionary © Cambridge University Press)
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