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Atco Savings and Loan Association v. Angelina

Decided: March 13, 1956.

ATCO SAVINGS AND LOAN ASSOCIATION, A CORPORATION OF THE STATE OF NEW JERSEY, PLAINTIFF,
v.
AMEDEO ANGELINA, JOSEPH PASSARELLA, JR., HUGO M. CHAMBOSSE, LOUBERT DESORTE, JOHN BARBACCIA AND COMMISSIONER OF BANKING AND INSURANCE OF THE STATE OF NEW JERSEY, DEFENDANTS



Haneman, J.s.c.

Haneman

This action was commenced by the Atco Savings and Loan Association, formerly known as Waterford Township Building and Loan Association of Waterford Township, N.J., a New Jersey corporation, successor by merger with the Atco Building and Loan Association of Waterford Township, N.J., against the defendants, based upon the causes of action as follows:

1. Plaintiff holds certain reserves created by Waterford Township Building and Loan Association of Waterford Township, N.J., and Atco Building and Loan Association, under emergency legislation and orders issued by the Commissioner of Banking and Insurance, and seeks a declaratory judgment regarding the rights of all classes of shareholders in said associations, whether such shares be withdrawn, lapsed or matured.

2. Plaintiff seeks instructions, as trustee of its reserve accounts, regarding the duty to distribute or transfer these accounts into its general reserve accounts or in the alternative to the shareholders, their assigns or personal representatives of any shares affected by the creation of the aforesaid reserves.

Generally, the objective of this action is to enable the plaintiff to dispose of an account now carried on the association's books as "contingent reserve account," either by distribution to persons determined to be entitled thereto, if any,

or by a transfer of that reserve account into the general reserve accounts of the association.

A brief history of this matter is essential to the proper isolation of the specific issues requiring legal disposition.

Plaintiff was formerly known as the Waterford Township Building and Loan Association of Waterford Township, N.J., and was organized and operated as a building and loan association under the laws governing building and loan associations in the State of New Jersey. On the 30th day of July 1941 the said Waterford Township Building and Loan Association of Waterford Township, N.J., merged with the Atco Building and Loan Association, which merged corporations continued to act as a building and loan association under the name of Waterford Township Building and Loan Association of Waterford Township, N.J. On November 15, 1954 said Waterford Township Building and Loan Association of Waterford Township, N.J., changed its corporate name to Atco Savings and Loan Association.

On August 10, 1933 plaintiff, as Waterford Township Building and Loan Association of Waterford Township, N.J., had issued and outstanding a number of series of installment shares of stock in said association, a portion of which shares was held by the defendants, Amedeo Angelina and Joseph Passarella, Jr. Angelina has been designated the representative of the class of shareholders who withdrew their shares before maturity and were paid the withdrawal value thereof. Passarella has been designated the representative of the class of shareholders who held their shares until maturity and were then paid the matured value thereof.

On May 23, 1933 the State Commissioner of Banking and Insurance, based upon the apparent economic emergency of that time, under and by virtue of the power and authority vested in him by L. 1933, c. 48, approved March 10, 1933, and L. 1933, c. 166, approved May 11, 1933, issued to plaintiff, as Waterford Township Building and Loan Association of Waterford Township, N.J., Order Number Three, imposing certain restrictions and limitations upon plaintiff's operations.

Said Order Number Three provided and directed, among other things, that plaintiff association create certain reserves in accordance with the ...


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