1846.

LAWS OF MARYLAND.

CHAP. 39.

a president and board of directors, not exceeding eleven,
of which the president will be one, a secretary and
treasurer, for the management of their affairs; annual
meetings of said corporation shall be held on the first
Tuesday of July in each year, unless the stockholders,
at an annual meeting, shall otherwise direct; and special
meetings shall be called by the president and directors
whenever, in their opinion, the interests of the company
may require it, or when it may be demanded by persons
holding one-third of the stock; such reasonable notice
to be given of the time and place of such meetings as
may be prescribed by the by-laws of the corporation.

To hold office
for one year.

SEC. 5. Be it further enacted, That the president, di-
rectors, secretary and treasurer shall hold their offices for
one year and until their successors shall be elected, and
shall exercise such powers pertaining to the building and
management of said telegraph not incompatible with the
constitution and laws of the State, and of the United
States, as may be authorised by the by-laws of said cor-
poration.

Each share-
holder to have
one vote.

SEC. 6. Be it further enacted, That at every election
each share shall entitle its holder to one vote, except
that no stockholder shall be entitled to give more than
one-sixth of the entire vote, to which the stockholders
are entitled; and absent stockholders may vole by agents
or proxies, producing written authority; in case of a tie,
the election shall be decided by lot.

Corporate
powers.

SEC. 7. Be it further enacted, That the Magnetic
Telegraph Company hereby incorporated, shall have
power to sue and be sued, complain and defend in any
court of law or equity having competent jurisdiction to
make and use a common seal, and the same to alter at
pleasure; to purchase and hold such real and personal
estate, as the lawful purposes of the corporation may re-
quire, and the same to sell and convey when no longer
so required; to appoint such officers and agents as may
be necessary to manage the business of the corporation,
and allow them a suitable compensation, and to make
by-laws not inconsistent with any existing law for the
management of its properly, the regulation of its affairs,
and the transfer of its stock.

May contract
to connect the
lines.

SEC. 8. Be it further enacted, That the corporation
hereby created, shall have power, by contracts with other
persons or bodies politic, to connect their lines of tele-
graph with lines out of this State.

May set up

fixtures, &c.

SEC. 9. Be it further enacted, That the Magnetic
Telegraph Company shall have power to set up their