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U.S. STEEL CREDIT UNION v. KNIGHT

No. 38795.

32 Ill.2d 138 (1965)

204 N.E.2d 4

UNITED STATES STEEL CREDIT UNION et al., Appellees, v. JOSEPH E. KNIGHT, Director of Financial Institutions, Appellant.

Supreme Court of Illinois.

Opinion filed January 21, 1965.

Attorney(s) appearing for the Case

WILLIAM G. CLARK, Attorney General, of Springfield, (RICHARD A. MICHAEL, JOHN J. O'TOOLE, A. ZOLA GROVES, and ROBERT SHARFMAN, Assistant Attorneys General, of counsel,) for appellant.

KING, ROBIN, GALE & PILLINGER, of Chicago, (WILLARD L. KING and DOUGLASS PILLINGER, of counsel,) for counsel,) for appellees.

Reversed and remanded.

Mr. JUSTICE DAILY delivered the opinion of the court:

This direct appeal and cross appeal, prosecuted from a judgment of the circuit court of Cook County, present the problem of the proper construction of section 25 of the Credit Union Act, as amended in 1963. (Ill. Rev. Stat. 1963, chap. 32, par. 496.25.) The revenue is involved to give us jurisdiction.

Historical background shows that the act presently authorizing and regulating...

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