U.S. 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 directed that each union should be examined at least annually by the Auditor, while section 25 provided that each credit union examined should pay a fee, based upon rates therein specified, to bear the cost of such examination. (Ill. Rev. Stat. 1953, chap. 32, pars. 496.24 and 496.25.) No provision was made for supervision fees. Extensive amendments were effected in 1957 to transfer administrative duties under the act, (Laws of 1957, pp. 463-474,) it being provided by specific amendments to section 24 that credit unions were under the supervision of the Department of Financial Institutions and that it was the duty of such Department to make the annual examinations. (Ill. Rev. Stat. 1957, chap. 32, par. 496.24.) Section 25 was amended to make the fees levied for the cost of examination payable to the Department. Par. 496.25.