WM. T. HAMILTON, ESQUIRE, GOVERNOR.

271

pany and the assets thereof (including premium

notes held by said company) for the payment of any

money so borrowed, and to make and execute such

Make and exe-

pledge, obligation or form of security as may be

cute pledge.

necessary therefor whenever a majority of the di-

rectors of said company shall deem it expedient to

do so; provided that no money shall be so borrowed

except the same be authorized by the vote of a

clear majority of the whole number of directors;

and provided further, that the money so borrowed

shall at no time exceed the sum of ten thousand

dollars, nor be borrowed for a longer period than

two years.

SEC. 17. And be it enacted, That the said com-

pany shall have the same power to assess the pre-

mium notes of its members, to make the payment

Power of cor-
poration.

of money borrowed for and applied to the adjusting

and payment of the losses of the said company, as

to assess for the said losses, and may enforce such

assessments to the same extent.

SEC. 18. And be it enacted, That any obligation

given by the said company for the payment of

money borrowed by it as aforesaid shall be signed

How signed.

by the president and countersigned by the secre-

tary, and attested by the seal of said company.

SEC. 19. And be it enacted, That the privilege

Time of dura-

and powers hereby granted, or intended to be granted,

tion.

shall continue in force twenty-five years.

SEC. 20. And be it enacted, That the General As-

Right to repeal.

sembly reserves the right to alter, amend, or repeal

this act at pleasure.

SEC. 21. And be it enacted, That this act shall go

Effective.

into effect from the date of its passage.

Approved March 30, 1882.