United States Steel Credit Union v. Knight

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 credit unions was enacted in 1953, (Laws of 1953, pp. 333-349,) and that by the terms of section 24 such unions were placed under the supervision of the Auditor of Public Accounts. Other provisions of section 24…