Saufley, Insurance Commissioner v. Smith

Opinion of the Court by

Judge McCandless

Affirming.

The Kentucky Bankers’ Association is a nonprofit sharing corporation, organized thirty years ago, for the purpose of standardizing and developing the business of its members along ethical lines. It has no capital stock and originally all of .its expenses were paid out of the membership dues which amounted to about $6,000.00 per year. In the conduct of its affairs it has always required a secretary, but its business was not sufficient to occupy more than one-third of the time of a capable man. For a number of years it employed as secretary a…