Larrabee v. Baldwin
California Supreme Court
Appeal from the District Court, Fourth Judicial District, City and County of San Francisco. The Pond Gold and Siver Mining Company was a corporation organized in this State, under the Act of 1853, “ to provide for the formation of corporations for certain purposes,” for the purpose of carrying on the business of mining at Aurora, in the State of Nevada.
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Appeal from the District Court, Fourth Judicial District, City and County of San Francisco. The Pond Gold and Siver Mining Company was a corporation organized in this State, under the Act of 1853, “ to provide for the formation of corporations for certain purposes,” for the purpose of carrying on the business of mining at Aurora, in the State of Nevada. The capital stock of the company was six hundred thousand dollars, divided into twelve hundred shares of five hundred dollars each. The cause was tried by the Court, a jury having been waived. The Court found: “That on the 5th day of December,…
1Opinion of the Court
By the Court, Sawyer, C. J.:
Action against stockholders of the Pond Gold and Silver Mining Company, to recover against them personally a debt due from the corporation. Section sixteen of the Act authorizing the formation of mining corporations provides, that “'each stockholder shall be individually and personally liable for his proportion of all the debt's and liabilities of the company contracted or incurred during the time that he was a stockholder, for the recovery of which joint or several actions maybe instituted and prosecuted.” We have no doubt of the power of the Legislature, under…
2Cited by18 opinions
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