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TRI-COUNTY SAV. & LOAN ASS'N v. COMM'R OF BANKING

170 N.J. Super. 576 (1979)

407 A.2d 844

TRI-COUNTY SAVINGS AND LOAN ASSOCIATION, APPELLANT, v. COMMISSIONER OF BANKING OF THE STATE OF NEW JERSEY, RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided October 17, 1979.

Attorney(s) appearing for the Case

Mr. Richard T. DeCou argued the cause for appellant (Messrs. Capehart & Scatchard, attorneys).

Mr. Mark S. Rattner, Deputy Attorney General, argued the cause for respondent (Mr. John J. Degnan, Attorney General of New Jersey, attorney; Ms. Erminie L. Conley, Assistant Attorney General, of counsel, Ms. Adrenee G. Freeman, Deputy Attorney General, on the brief).

Before Judges BISCHOFF, BOTTER and DWYER.

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

This appeal requires a further consideration of the scope of the investment powers granted savings and loan associations by the Legislature; specifically, whether the power to "invest in or make installment loans" conferred by L. 1975, c. 48, § 1, N.J.S.A. 17:9A-53.1 and N.J.S.A. 17:12B-165(5), includes the power to purchase "time...

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