Clark v. Mooney

This is a proceeding pursuant to article 78 of the Civil Practice Act to review a determination of the Superintendent of Banks of the State of New York claimed to be arbitrary, capricious and unauthorized.

Between April 4, 1949 and May 1, 1953, the petitioners, as members of the Bushwick Savings & Loan Association, purchased an aggregate of $8,700 in shares of stock of said Association. On May 1, 1953, after an examination by the New York State Banking Department revealed that the financial condition of the Association needed strengthening to adequately protect the interests of its members and…