Monongahela National Bank v. Harmony Land Co.

Citations

• 226 Pa. 440
• 75 A. 687
• 1910 Pa. LEXIS 791

Syllabus

<p>Corporations — Promissory notes — Officers—By-laws.</p> <p>In the absence of any provision in the by-laws of a corporation the president and secretary of the corporation have no power to execute promissory notes in the name of the company, and the company cannot be held liable on such notes, unless it has directly benefited from them.</p>