Mahl v. E.A. Portal Co., Inc.

STURTEVANT, J.

The petitioner applied to E. A. Portal Co., a corporation, and C. A. Budd, its secretary, to have a certificate of stock transferred on the books of the corporation, the respondents refused to make the transfer, and the petitioner has applied to this court for a writ of mandate directing the respondents to make the transfer. The parties stipulated as follows:

“Bespondent E. A. Portal Co., Inc., is now, and at all ■ times herein mentioned was, a corporation organized and existing under and by virtue of the laws of the State of California, having five hundred shares of capital stock of a par value of $100 per share, of which three hundred shares and no more are subscribed, issued and outstanding.

[495]

“C. A. Budd is now, and at all times herein mentioned was, the duly elected, qualified and acting Secretary of said E. A. Portal Co., Inc.

“On and prior to the 20th of October, 1926, Frederic Gehret and Blanche Gehret were, and now are, husband and wife, and as such had, on and prior to said day, saved and accumulated from the earnings of said Frederic Gehret and Blanche Gehret, as husband and wife, certain money and property which then constituted, and now constitutes, community property; that included in said savings and accumulations, and such community property, were fifty shares of the capital stock of respondent B. A. Portal Co., Inc., represented by certificate number one, standing in the books of said corporation in the name of Frederic Gehret.

“On said 20th October, 1926, said Frederic Gehret endorsed his name on the back of said certificate, and without any consideration whatever therefor delivered the same to petitioner, with the present intent and design of transferring to petitioner all his right, and said Blanche Gehret’s right and title thereto and interest therein.

“Concurrently therewith the Commissioner of Corporations of the State of California, upon application made therefor, issued his permit wherein and whereby he authorized the transfer of said certificate, and the shares and property evidenced thereby, from said Frederic Gehret to petitioner.

“Petitioner thereupon presented said certificate, so endorsed by said Frederic Gehret, together with said permit so issued by the Commissioner of Corporations, to respondent C. A. Budd, as Secretary of respondent B. A. Portal Co., Inc., and then and there demanded of said respondents Budd and said corporation, that she and it, respectively, transfer upon the books of said corporation the said fifty shares of stock from the name of Frederic Gehret to the name of your petitioner, and to issue to your petitioner a certificate therefor.