Any company may restrict its business to the insurance of the lives of its members or stockholders alone, it being the intent of this section to permit of a corporate existence to any professional association, guild, brotherhood or other mutual association, the right, by an arrangement among themselves, as stockholders in a corporation, to insure the lives of each other upon the principle of the mutual participation in the profits, by annual subscriptions, or otherwise, and thereby provide a fund out of which provision may be made, according to the bylaws of the corporation, for the support of the family of any stockholder on the stockholder's death, or for the payment of any policy due the stockholder's estate on the stockholder's death. In case the corporation restricts its business to the insurance of the lives of stockholders, no publication need be made annually of its debt and liabilities.Acts 1875, ch. 142, § 10; Shan., § 2269; mod. Code 1932, § 3980; modified; T.C.A. (orig. ed.), § 56-1601.
Tennessee Legal Code