Clark v. Oceano Beach Resort Co.

The defendant, Océano Beach Resort Company, is a corporation with issued capital stock of 36,525 shares, of which the plaintiff owns 7,250 shares. On April 5, 1926, the board of directors of the company levied an assessment of 10 cents a share on the capital stock. The plaintiff, who is one of the directors, did not pay the assessment on his stock, but brought this action to enjoin the sale thereof for nonpayment of the assessment. Judgment was entered in his favor as prayed for and the defendants have appealed on a record prepared in accordance with the provisions of section 953a of the Code…