People's Home Savings Bank v. Superior Court

On the first day of May, 1894, the people of the state of California, upon information of the attorney general, and upon complaint of the bank commissioners, commenced an action against the above-named petitioner, a corporation, and against the individuals composing its board of directors, by filing a complaint in the superior court, wherein it was alleged, among other things, that this petitioner, one of the defendants therein, was a corporation created and organized under the laws of the state of California for the purpose of accumulating the savings and funds of its stockholders, depositors, and others. That between the 14th and 27th of April, 1894, said bank commissioners made an examination of the affairs of said corporation, which disclosed the fact that it was insolvent,' and that its board of directors had been guilty of various irregular practices and acts of fraud by which the interests of the depositors and stockholders had been seriously prejudiced, all of which they at once reported to the attorney general, together with their opinion that it was unsafe for said corporation to transact business. That after receiving said report the attorney general made an examination…