Jordan

Bank of Los Banos v. Jordan

Good Law
167 Cal. 327
Supreme Court of CaliforniaMarch 4, 1914S. F. No. 6874California121 words

Lead Opinion

The opinion of the court is that the clause of section 290 of the Civil Code which is in these words, “pro *328 vided, also, that at any time during the existence of corporations for profit, other than those of the character last herein-above provided for, the number of the directors may, by a majority of the stockholders of the corporation, be increased, or diminished to any number not less than three, who must be members of the corporation” means a majority in .interest of the stockholders and not a majority in number only. And sections 362 and 312 do not change that construction of 290 and do not require any more than a majority in interest.

Let the writ issue.