Millott

This is an original application to this court for a writ of mandate requiring respondent to repurchase certain stock of said corporation. An' alternative writ was issued and on the return day respondent filed a general demurrer and also an answer to the application. The contention of petitioners is grounded upon the provision in the by-laws of the association providing that “No stock shall be sold or certificates issued for less than ten shares. All stock of the Corporation is to be sold subject to the right of the Corporation to repurchase the same at any time upon paying one dollar ($1.00) per share and interest; and is to be sold subject to such other conditions as the Board of Directors may deem advisable and for the best interests of the Corporation, except that no compulsory action shall be taken by the Corporation that will reduce the ownership of stock to less than ten shares for each member. The corporation shall repurchase (the financial condition of the Corporation permitting), first, such shares of stock owned and held by any stockholder in excess of ten shares, thereby limiting the ownership of stock to ten shares for each stockholder, and giving to each equal rights…