Sobieski

Appeals in two separate proceedings for writs of mandate were consolidated by stipulation of counsel who agreed that a single opinion might be written covering both appeals. Although relating essentially to the same subject matter and the same controversy they are not dependent upon the determination of an equity action considered concurrently therewith. (Sheppard, et al., plaintiffs and respondents, v. Bay A. Wilcox, et al., defendants and appellants, post, p. 53 [ 26 Cal.Rptr. 412 ].) Since the latter case in an action to declare a constructive trust it will be referred to herein as the “equity case.” Reference is made to the decision in that case for details as to the background of this litigation in order to avoid a needless repetition thereof in this decision.

These proceedings seeking peremptory writs of mandate were brought to set aside two decisions of the Commissioner of Corporations by which the latter determined that a permit to issue stock previously issued by him on December 18, 1957 (“1957 permit”), should be amended. These determinations were made after a substantial portion of the stock, which was the subject matter of the permit, had been sold and issued pursuant…