334

LAWS OF MARYLAND.

SEC. 3. And be it enacted, That the capital stock of said

Capital stock.

company shall not exceed twenty-five hundred dollars, and

shall be divided into one hundred shares of twenty-five dollars

each, with the privilege at any time to increase the capital

stock to five thousand dollars, should two-thirds of the stock-

holders approve said increase.

SEC. 4. And be it enacted, That all the interest and affairs

Management
of corporation

of the said corporation shall be controlled and managed by the

persons particularly mentioned in the first section of this Act,

or such of them as shall accept such duty or office as the

board of directors of the said company for and during the

first year after the passage of this Act, and until their suc-

cessors of such board shall have been duly elected, qualified

pursuant to the by-laws and regulations which shall be estab-

lished by such board ; and the said interest and affairs shall

be managed and controlled by a board of nine directors, stock-

holders of said corporation, elected by the majority of all the

votes of the stockholders, each share of stock so represented

being entitled to one vote ; and such board of directors, as

aforesaid, shall elect among their number a president, vice-

president, secretary and treasurer. The board of dirctors,

from time to time, may and shall make, enact, alter and re-

Duties of the

enact any and all lawful by-laws, rules and regulations touch-

board of di-
rectors.

ing the organization of said company ; the taking of sub-

scriptions to its capital stock, the payment of such subscrip-

tions, the issue and transfer of certificates of stock, and the

mode constituting all the affairs of said company, and shall

have full power in law and equity to enforce the same.

Power to con-

SEC. 5. And be it enacted. That this company hereby incor-

struct tele-

porated shall have power to make and construct telephone

phone lines.

lines, and to establish connections by telephone between any

of the towns, villages and hamlets in Cecil County, Maryland,

and to establish offices for the receiving and sending of tele-

phone messages, and shall have power, with the consent of

the County Commissioners of Cecil County and of the muni-

To erect poles

cipal authorities of any incorporated town or village, to erect

and construct
lines.

poles and construct lines for the purpose of transmitting

telephonic messages, and shall have the privilege of making

telephonic connections with any other company, with the mu-

tual consent of said companies.

SEC. 6. And be it enacted, That the said company may sell

Can sell or
lease its fran-

or lease the whole or any part of its rights, properties, appur-

chises.

tenances or franchises to any other incorporated company, or