Cherokee Life Insurance v. Davis

1. The Cherokee Life Insurance Company began operations as an industrial life insurance company. About March 1, 1912, it qualified as a legal reserve mutual life insurance company, and made the deposit necessary for that purpose. On May 4, 1913, it became a stock company (Acts 1912, p. 126, sec. 16). While it was operating as an industrial company it issued a number of certificates, apparently claiming authority so to do under § 2510 of the Civil Code. After the change to the mutual plan, with legal reserve, in April and May, 1912, it issued other certificates of the same form as those which…