Board of Insurance Commissioners v. Great Southern Life Insurance

On July 28, 1948, Texas Bankers Association — hereafter referred to as “Association” or “Bankers Association” — entered into a written trust agreement with Houston Bank & Trust Company, hereafter referred to as “Trustee”. Under the terms of the agreement a retirement plan and pension trust to become effective November 1, 1948, was created for the benefit of the employees of member banks of Association desiring to participate and Houston Bank & Trust Company was appointed trustee to administer the plan. Contributions to the trust fund were to be made by each participating bank from its own…