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PA. BANKERS v. SECRETARY OF BANKING

481 Pa. 332 (1978)

392 A.2d 1319

PENNSYLVANIA BANKERS ASSOCIATION, Allegheny Valley Bank of Pittsburgh, Bucks County Bank and Trust Company, Century National Bank and Trust Company and the Dale National Bank, Appellants, v. SECRETARY OF BANKING, and Philadelphia Saving Fund Society, Appellees.

Supreme Court of Pennsylvania.

Decided October 5, 1978.

Attorney(s) appearing for the Case

Dechert, Price & Rhoads, John J. Brennan, Gordon W. Gerber, Philadelphia, for appellants.

Drinker, Biddle & Reath, Robert S. Ryan, Edward M. Posner, Philadelphia, for appellee, P.S.F.S.

Vincent X. Yakowicz, Sol. Gen., Harrisburg, for appellee, Secretary of Banking.

Before EAGEN, C.J., and O'BRIEN, ROBERTS, POMEROY, NIX, MANDERINO and LARSEN, JJ.

OPINION OF THE COURT

MANDERINO, Justice.

In this case of first impression in Pennsylvania, we must decide whether the Department of Banking exceeded its rule-making authority in promulgating a regulation which allows mutual savings banks to offer depositors a noninterest bearing account from which money can be withdrawn by means of a negotiable order of withdrawal payable to a named third party. The relevant factual background, in no way disputed, is as...

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