Carpenter

The vital question involved in this appeal is whether the directors of a foreign corporation, after it had forfeited its franchise to do business in this state by reason of its failure to pay the license-tax, can be compelled to reissue stock to one who purchased, at an execution sale subsequent to said forfeiture, the shares belonging to and standing in the name of the judgment debtor.

It is alleged, in the amended complaint, that “said corporation neglected and refused to comply with the statutes of this state requiring it to pay an annual tax to the secretary of state for its license to do business, as such foreign corporation, within the state of California, for the year 1907, and thereafter on the 30th day of November, 1907, it forfeited all its said rights and privileges under the laws of this state to do or transact any business as such corporation within the state of California.” It further appears therein that, on January 20, 1908, said execution sale occurred and plaintiff became the purchaser and secured from the sheriff the certificate of sale of 333,005 shares of the capital stock of the corporation and “on or about the 20th day of January, 1908, at Stockton,…