ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

tors to serve for one year, two directors to serve
for two years, two directors to serve for three
years, two directors to serve for four years, and
two directors to serve for five years, and at
every annual meeting thereafter the said mem-
bers so entitled shall elect two directors to serve
for five years, and all directors shall continue
in office until their successor in office shall have
been duly elected.
SEC. 3. And be it further enacted, That the

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directors may loan the funds of the company
upon such security or invest the same in such
property as is made lawful by the public general
laws of this state, relating to insurance compan-
ies, and subject to the restrictions and provisions
of the said public general laws in the premises,
but in no case shall it be lawful for them to
make, directly or indirectly, any loan to any di-
rector or other officer of the company.
SEC. 4. And be it further enacted, That any
and all provisions of chapter two hundred and

Directors may
loan the funds.

seventy-six of the acts of assembly of January
session, of the year eighteen hundred and fifty-
eight, or of chapter thirty-three of the acts of
assembly of the year eighteen hundred and sev-
enty, inconsistent with the provisions of this
act, be and the same are hereby repealed.

How far re-
pealed.

SEC. 5. And be it further enacted, That this
act shall take effect from the date of its passage.
Approved March 29, 1888.

Effective.