Hinton

Appeal from a judgment rendered in favor of defendant upon his demurrer to the complaint.

The complaint alleges, in substance, that plaintiff is a corporation, organized for the profit of its stockholders exclusively, with a capital stock of two hundred thousand dollars. The purposes of the corporation, as stated in its articles of incorporation, are as follows: “To receive deposits and pay interest on the same upon such terms and conditions as may, from time to time, be prescribed by its board of directors; to preserve and to safely invest the funds of its members and depositors in loans on real and personal property and all adequate securities, public or private, or in such manner, on such terms, at such rate of interest, and for such consideration as may be determined by the officers of the corporation under direction of the board; to sell, transfer, and assign its loans to individuals and corporations without recourse upon the corporation; and to receive funds from private parties and corporations for the purpose of loaning the same upon adequate security."

That in June, 1891, the plaintiff made out and delivered to the defendant, the city assessor of the city of Los…