New York Supreme Court December 5, 1859 (Magee v. Badger & Potter)

By the Court, Johnson, J.

The objection of the defendants to the validity of the first note is two fold: 1. That the company had no power to take a note at all, upon a subscription for preferred stock; and, 2. That if they could take *262a note, they had no right to take one payable in one year from the time of such subscription. The act of April 1, 1854, (Bess. Laws of 1854, ch.