Lebanon & Royalton Gravel Road Co. v. Adair

The appellant contends that a promissory note executed by a gravel road company to one of its officers for money borrowed of him is invalid, for the reason that an officer can not contract with the coloration. In our opinion the statute governing gravel road corporations authorizes an officer 'to lend money to the corporation and receive from it a note for the money lent. The statutory provision to which we refer is as follows: “Whenever any director or other officer of any * * gravel road company heretofore organized under the laws of this State shall have become a creditor of any such…