SUBURBAN S. & L. ASSN. v. COMM'R OF BANKING


150 N.J. Super. 339 (1977)

375 A.2d 1185

SUBURBAN SAVINGS AND LOAN ASSOCIATION, APPELLANT, v. COMMISSIONER OF BANKING OF THE STATE OF NEW JERSEY, RESPONDENT. THE NEW JERSEY BANKERS ASSOCIATION, APPELLANT, v. COMMISSIONER OF BANKING OF THE STATE OF NEW JERSEY, RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided May 12, 1977.


Attorney(s) appearing for the Case

Mr. Sidney J. Bernstein argued the cause for appellant Suburban Savings and Loan Association (Messrs. Cole, Berman & Belsky, attorneys; Mr. Harvey A. Miller on the brief).

Mr. Michael F. Spicer argued the cause for appellant The New Jersey Bankers Association (Messrs. Jamieson, McCardell, Moore, Peskin & Spicer, a professional corporation).

Mr. William F. Hyland, Attorney General of New Jersey, submitted a statement in lieu of brief for respondent Commissioner of Banking of the State of New Jersey (Mr. Harley A. Williams, Deputy Attorney General, on the statement in lieu of brief).

Before Judges FRITZ, ARD and PRESSLER.


The opinion of the court was delivered by PRESSLER, J.A.D.

These consolidated appeals present a narrow but important question regarding the scope of the investment powers accorded by the Legislature to savings and loan associations.

The most recent comprehensive revision of the Savings and Loan Act, N.J.S.A. 17:12B-1 et seq., enacted in 1963, permits such associations to invest "In any investment in which savings banks of New Jersey are or shall...

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