In re Liquidation of Inter-State Inter-Insurance & Inter-State Exchange

There can be no question but that a corporation, organized as was the Inter-State Exchange, may borrow money and incur liabilities necessary to enable it to carry on its business. The association known as the InterState Inter-Insurance was not incorporated. It was a voluntary association of individuals, partnerships, and corporations, who proposed to and did exchange inter-insurance contracts. The statute in such case made and provided required the policyholders in such an exchange to designate an attorney to act for them. Before permitted to do business the “Association” must submit proof of…