Wolfe

This is an action against the Pan American Bank of California for money alleged to have been paid by plaintiff to a preorganization committee that was formed .for the purpose of raising by way of subscription sufficient funds to create the corporation. This preorganization committee was authorized by the superintendent of banks of the state of California, on or about the thirty-first day of December, 1925, to sell to the public at large 20,000 shares of stock of the par value of $100 each, and that each subscriber who purchased such shares should pay the further sum of $50 for each share, which additional sum should form part of a surplus and contingent fund of $1,000,000. The superintendent of banks authorized the preorganization committee to function, and granted the right to use the name Pan American Bank of California, when the corporation was created. The articles of incorporation, when completed, were to be submitted to the superintendent of banks for his approval, prior to filing them with the Secretary of State of the state of California. This was carried out, and the corporate existence began on December 27, 1926. It is alleged that on or about the fifteenth day of…