Commercial League Ass'n of America v. People ex rel. Needles

Citations

• 90 Ill. 166

Syllabus

<p>1. Corporation—when not a life insurance company. Under the amendatory act of March 28, 1874, relating to life insurance companies, a corporation issuing policies on the lives of its members is not deemed an insurance company, within the meaning of the prior law requiring a guarantee capital of $100,000 in money or securities, when it is an association intended only to benefit widows, orphans, heirs and devisees of deceased members, and no annual dues or premiums are required, and its members receive no money as profit or otherwise.</p> <p>2. An association issuing policies on the lives of its members, payable, in case of death, to the widow, orphans, heirs and devisees of the members, and to them alone, and which provides, by its by-laws, that each member may be assessed for the general expense fund such sums as may be determined upon by the trustees, not to exceed $20 in any one year, is not a life insurance company under the statute which requires a capital of $100,000 in money or securities before transacting its business, and the act amendatory thereof.</p> <p>3. Same—compensation to officers. The clause in the act of 1874, that no member shall receive any money as profit or otherwise, was designed to prevent the corporation from making dividends of profits among its members. The payment of an officer, who is a member, for services rendered, would not be' “ receiving money as profit.”</p>