Fairhope Single Tax Corp. v. Melville

The following act (Acts 1903, p. 342) was approved, and, if valid, became operative on October 1, 1903: “An act to provide for the organization and regulation of corporations not for pecuniary profit in the sense of paying interest or dividends on stock, but for the benefit of its members through their mutual co-operation and association.

“Section 1. Be it enacted by the Legislature of Alabama, that ten or more persons desiring to associate themselves together, not for pecuniary profit in the sense of paying interest or dividends on stock but for mutual benefit through the application of…