Washington Supreme Court August 30, 1916, No. 13494 (Grant v. Monterey Gold Mining Co.)

Bausman, J.

The Monterey Company, having a capital of one million paid and non-ass ess able shares, owned certain mines mortgaged for advances from some of its directors. The security being overdue in March, 1911, the company much in other debts, and a foreclosure being threatened, the shareholders were called to meet in April.