1847.

LAWS OF MARYLAND.

CHAP. 28.

and Harrisburg, in the State of Pennsylvania, with the
view of transmitting intelligence by means thereof, un-
der the name and style of the American Telegraph Com-
pany, provided no existing patent-right be infringed.

Stock.

Proviso.

SEC. 2. Be it further enacted, That the stock of said
company shall consist of shares of one hundred dollars
each, to be issued to those who have heretofore or may
hereafter furnish funds for the construction and improve-
ment of said line of telegraph, as may be agreed upon;
provided, that the funds to be raised for the construction
of said line of telegraph, putting the same in operation,
and from time to time adding to and improving it, and
paying the expenses thereof, shall be only sufficient for
that purpose, and shall not be invested or employed for
any other purpose whatever.

Power to pur-
chase.

SEC. 3. Be it further enacted, That said corpo-
ration shall have the power to build or purchase any
connecting or other lines in this State, having acquired
the right to do so from the owners thereof, and may en-
large their capital for that purpose.

Annual Meet-
ing, &c.

SEC. 4. Be it further enacted, That the persons nam-
ed in the first section of this act, or any four of them,
shall call a meeting to be held on the second Tuesday
of March eighteen hundred and forty-eight, of the cor-
porate body hereby created, giving three weeks notice
of the time and place of meeting, in at least one news-
paper published in the city of Baltimore, York, Colum-
bia and Harrisburg, in the State of Pennsylvania, for
the purpose of choosing a president, treasurer to act as
secretary, and a board of directors not exceeding five
persons; annual meetings of said corporation shall be
held on the second Tuesday of July in each year, unless
the stockholder at an annual meeting shall otherwise
direct, and special meetings shall be called by the presi-
dent and directors whenever in their opinion the interests
of the company may require it, or when it may be de-
manded 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 bye-laws of
the corporation.

Term and duty
of officers.

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