Long

The plaintiff is, and at all the times mentioned in the complaint was, a savings bank, duly incorporated, and doing business as such under the laws of this state. The defendant Home Benefit Life Association was organized as a corporation under the laws of this state in 1880, and from that time until on or about September 26, 1894, was continuously engaged doing a life insurance business upon the assessment plan.

In March, 1891, an act was passed by the legislature, entitled “An act relating to life, health, accident and annuity or endowment insurance on the assessment plan, and the conduct of the business of such insurance” (Stats. 1891, p. 126), which contained the following provisions:

“Sec. 2. Corporations may be formed under the general laws of this state to carry on the business of mutual insurance upon the assessment plan, and shall be subject only to the provisions of this act. No such corporation shall issue contracts of insurance until at least two hundred persons have applied, in writing, for membership or insurance therein, and have paid to the treasurer of sueh corporation the sum of five thousand dollars. This sum shall be invested in bonds or securities, approved…