The Schenectady and Saratoga Plank Road Company Against Thatcher.

Summary

The New York Court of Appeals affirmed the lower court's judgment, holding that a plank road company may be incorporated without the entire capital stock being subscribed, that directors may require payment of subscriptions, that a director who participated in the election cannot later challenge the corporation's organization, that a subscriber remains liable for calls made before a transfer of his shares, and that the construction of a legislatively authorized branch road does not discharge a subscriber's liability.