Bank of British North America v. Madison

This case involves principles similar to those presented in the Bank of British North America v. Alaska Improvement Co., 97 Cal. 28 . The plaintiff seeks herein to recover from the defendants as stockholders of the Alaska Improvement Company their proportionate liability of the amount represented by the bills of exchange upon which the former action was brought. The defense thereto is the same as was presented in that action, and the question involved is whether the statements which the plaintiff had filed and published before the commencement of the present action sufficiently conform to the requirements of the act of April 1, 1876 (Stats. 1876, p. 729), whose provisions were construed in the former case, and take the present case out of the rules there laid down.

1. The present action was commenced April 8, 1890, and the statement relied upon by the plaintiff was published and filed April 4,1890, aud it is objected that as the act in question required the statement to be published aud filed “in January *128 and July of every year,” it must be published and filed in those respective months in order to relieve the plaintiff from the penalty prescribed by the statute. The statute…