Moore

This action is based upon the following provision of the code: “ The directors of corporations must not .... create debts beyond the subscribed cap *503 ital stock.....For a violation of the provisions of this section, the directors under whose administration the same may have happened (except those who may have caused their dissent therefrom to be entered at large upon the minutes of the directors at the time, or were not present when the same did happen) are in their individual and private capacity jointly and severally liable to the corporation, and to the creditors thereof in the event of its dissolution, to the full amount of the .... debt contracted.”

The defendants were members of the board of directors of the South Mountain Consolidated Mining Company, a corporation organized under the laws of this state, and having a subscribed capital stock of ten million dollars, divided into one hundred thousand shares, all of which were issued as full-paid stock in part payment of the mines and other property of the corporation. The officers of the corporation borrowed large sums of money from the plaintiffs, who were partners in a banking business at Silver City, Idaho. All of the…