Laidlaw

Appeal from judgment on the judgment-roll. The findings show that the appellant was incorporated under the name of “Pacific Accumulation Loan Company” under an act of April 11, 1862, entitled “An act to provide for the formation of corporations for the accumulation and investment of funds and savings” (Stats. 1862, p. 199), and that subsequently, by authority of an act of the legislature, it changed its name to that of “Pacific Bank.” That at all times it had a capital stock of $1,000,000, divided into ten thousand shares of the par value of $100 each, all of which was subscribed and fully paid for; and up to the twenty-third day of June, 1893, said corporation was engaged in the transaction of. a general commercial banking business exclusively. That prior to said last-named day the said corporation became insolvent, and at the time it so became insolvent it had about nine hundred depositors, who were not stockholders, and to whom it was then indebted in the sum of about $1,400,000 on account of deposits made by such depositors with said corporation. On October 16, 1893, after due proceedings, the said corporation was adjudged insolvent, under the act of March 30, 1878, creating a…