Fresno Enterprise Co. v. Allen

Citations

• 67 Cal. 505
• 8 P. 59
• 1885 Cal. LEXIS 687

Syllabus

<p>Cokpokation—Secbetaby—Bond—Liability on.—In June, 1881, the defendant Allen w,is elected secretary of the corporation plaintiff for the term of one year, and until liis successor should be elected and qualify. He thereupon executed to the plaintiff a bond with sureties in the penal sum of 519,000, to secure the safe-keeping and payment to it of all moneys that might come into his possession as secretary, and not paid out in the due course of business. The by-laws of the corporation authorized the board of directors to remove at pleasure aU officers, and fix their terms of office. In June, 1882, Allen was re-elected, and the action was brought on the bond against him and his sureties to recover moneys alleged to have been misappropriated by him after his re-election. Held, that the action could not be maintained.</p>