State ex rel. Unity Industrial Life Ins. & Sick Benefit Ass'n v. Michel

Citations

• 121 La. 350
• 46 So. 352
• 1908 La. LEXIS 677

Syllabus

<p>1. Insurance — Industrial Lire — Authority to Do Business — Statutory Provisions.</p> <p>Section 3 of Act No. 65, p. 102, of 1906 after the word “except,” is inconsistent with and contrary to part of Act No. 105, p. 132, of 1898.</p> <p>2. Same.</p> <p>Industrial life insurance companies cannot be required to comply with both Act No. 105, p. 132, of 1898, in that respect that it conflicts with Act No. 65, p. 101, of 1906, and also comply with Act No. 65, p. 101, of 1906.</p> <p>3. Same.</p> <p>In that respect that there is conflict, Act No. 105, p. 132, of 1898, was enacted to safeguard the interest of shareholders in “mutual companies” organized for beneficial purposes.</p> <p>4. Same.</p> <p>Act No. 65, p. 101, of 1906, was enacted to enable the poor to organize companies to come to the relief of their members in case of sickness and for funeral expenses.</p> <p>5. Mandamus — Proceedings—Presumption.</p> <p>Legitimately conducted (the court will not assume that such a company is not legitimately conducted; it will be time enough to so conclude when such a case will be presented) the members derive no profit from the corporation.</p> <p>6. Same.</p> <p>The beneficial mutual companies and the stock insurance companies have to comply with Act No. 105, p. 132, of 1898. No good reason suggests itself in matter of interpretation to require industrial life insurance companies to comply with both acts, a requirement which these companies will not be able to comply with, as the revenues would not justify the expenditures.</p> <p>7. Sam.</p> <p>The law-making authority did not intend indirectly to hinder the forming of companies if directly authorized.</p> <p>8. Same.</p> <p>“Life industrial companies,” as defined in the last-cited statute, is not far reaching in its scope as relates to returns. If there are manipulators who use them improperly and wrongly, and if there are no laws to prevent their abuse, it should receive further legislative attention.</p> <p>(Syllabus