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act to provide for a municipal court in the city of Grand Rapids, to be called The Superior Court of Grand Rapids,” approved March 24, 1875, the same being compiler's section six thousand five hundred seventy-three of Howell's Annotated Statutes of Michigan, be and the same is hereby amended to read as follows:
( $6573.) Sec. 10. The clerk of said court shall receive salary
This act is ordered to take immediate effect.
lished when defendant not
[ No. 8. ] AN ACT to amend section eighteen of chapter one hundred
and fourteen of the revised statutes of eighteen hundred and forty-six, entitled “Of proceedings against debtors by attachment,” being compiler's section eight thousand and three of Howell's Annotated Statutes.
SECTION 1. The People of the State of Michigan enact, Section That section eighteen, chapter one hundred and fourteen of the revised statutes of eighteen hundred and forty-six, entitled “Of proceedings against debtors by attachment,' being compiler's section eight thousand and three of Howell's Annotated Statutes, be amended so as to read as follows:
SEC. 18. If it appear by the return of such writ that any Notice to be pubproperty has been attached thereon, and that neither of the defendants could be found, the plaintiff shall, within thirty found, etc. days after such return, unless the defendants or some of them shall sooner appear in the suit, cause a notice to be published in some newspaper printed in the county for which said circuit court is held, and if no newspaper is printed in said county then in some newspaper printed in the judicial circuit in which such writ shalì be returned, which notice shall state the names of the parties, the time what to state. when, and from what court, and for what sum the writ was issued and when the same was returnable, and shall be published for six successive weeks, and within ten days after such asidavit, when publication has begun the plaintiff or
some person in his filled contents behalf shall make and file an affidavit stating that such publication has commenced, when commenced and in what newspaper giving the name thereof and where published and file said affidavit with the clerk of said circuit court, and if any plaintiff shall neglect to cause such notice to be so published or to make and file such affidavit as required in this section,
the attachment shall be dismissed with costs: Provided, That such affidavit may be filed or amended in the discretion of the court at any time before the order of dismissal shall actually be made, on such terms as the court may impose.
Approved February 18, 1891.
[ No. 9. ]
AN ACT to repeal all of act number two hundred fifty-four
of the public acts of one thousand eight hundred eightynine, being an act relative to the election of Representatives to the State Legislature in districts where more than one is to be elected.
SECTION 1. The People of the State of Michigan enact, That all of act number two hundred fifty-four of the public acts for the year one thousand eight hundred eighty-nine, approved July 3, 1889, be and the same is hereby repealed.
Approved February 18, 1891.
[ No. 10. ] AN ACT to amend sections one, twelve, twenty-seven,
twenty-eight and fifty-two of act number two hundred and five of the public acts of eighteen hundred and eightyseven, entitled "An act to revise the laws authorizing the business of banking, and to establish a banking department for the supervision of such business.” SECTION 1. The People of the State of Michigan enact, That sections one, twelve, twenty-seven, twenty-eight and fifty-two of act number two hundred and five of the public acts of one thousand eight hundred eighty-seven, entitled "An act to revise the laws authorizing the business of banking, and to establish a banking department for the supervision of such business," be and the same are hereby amended so as to read as follows: That any number of persons, not less than five, may associate to establish offices of discount and deposit to be known as commercial banks, and also to establish offices of loan and deposit to be known as savings banks, or to establish banks having departments for both classes of business, upon the terms and conditions and subject to the liabilities prescribed in this act, but the aggregate amount of the capital stock of any such bank shall not be less than one hundred thousand dollars, except that banks with a capital of not less than fifteen thousand dollars may
Association for establishing banks, etc.
for loan, etc.
be organized in a city or village, the population of which does not exceed one thousand five hundred inhabitants, and banks with a capital of not less than twenty-five thousand dollars in a city or village, the population of which does not exceed five thousand inhabitants, and with a capital of not less than fifty thousand dollars in a city or village the population of which does not exceed twenty thousand inhabitants. No bank shall take as security for any loan or discount a lien upon any part of its capital stock. The Security required same security in kind and amount shall be required of stockholders and of persons not stockholders. No bank shall be Bank not to hold the holder or purchaser of any portion of its capital stock unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stock so purchased shall in no case be held by the bank for a longer time than six months, if the stock can be sold for what it cost, and it must be sold for the best price obtainable within one year, or cancelled as hereinafter provided for the reduction of capital stock: Provided, That the provisions of Proviso as to this act as to the amount of capital shall not apply to any capital stock. bank now organized and doing business at the time of the passage of this act.
Sec. 12. The affairs of each bank shall be managed by a Affairs to be board of not less than five directors, who shall be elected by board of directthe stockholders and hold office for one year and until their ors, election successors are elected and have qualified. A majority of the board of directors shall constitute a
quorum for the transaction of business: Provided, That when the number of Proviso. directors shall exceed nine, they shall once in three months designate by resolution nine members, any five of whom shall constitute
In the first instance the First and subdirectors shall be elected at a meeting held before the bank of directors. is authorized to commence business by the commissioner, and afterwards at the annual meeting of the stockholders to be held on the second Tuesday in December of each year; and if for any cause an election is not had at that meeting it may be held at a subsequent meeting called for that purpose, of which due notice shall be given as provided in the by-laws adopted by such bank. At a meeting of stock- Who entitled holders for election of directors each share shall entitle the owner to one vote for each director, but no stockholder shall be entitled to vote who is indebted to the bank upon any obligation past due. A stockholder may vote at any Proxy. meeting of the corporation by a proxy in writing signed by him, but no officer, clerk, teller or book-keeper of such corporation shall act as proxy. Every director must own and hold in his own name not less than ten shares of the capital stock of such bank; except that in banks having a who may be capital of fifteen thousand dollars, a director must own and hold in his own name not less than five shares of the capital stock of such bank. He shall take and subscribe an oath that he will diligently and honestly perform his duties
directors, oath of, etc.
Reserve to be kept.
Balance, how invested.
Proviso as to bonds of other states.
Other bonds, etc.
in such office, and will not knowingly violate, or permit to be violated, any provision of this act; that he is the owner in good faith of stock of the bank, as required to qualify him for such office, standing in his name on the books of the bank, and that such stock is not pledged as security for any debt; such oath shall be transmitted to the commissioner and filed in his office. Any vacancy in the board of directors shall be filled by the board, and the directors so appointed shall hold office until the next election.
SEC. 27. A savings bank shall keep on hand at least fifteen per cent of its total deposits, one-third of which reserve shall be in lawful money in its own vaults, and the balance on deposit payable on demand with banks, national or State, in cities approved by the commissioner as reserve cities or invested in United States bonds; threefifths of the remainder of its savings deposits shall be invested by the board of directors in bonds of the United States or of this State, or in the bonds of any other State of the United States: Provided, That such State has not in the ten years preceding the time of such investment, repudiated its debt and failed to pay the same or the interest due thereon or upon any part of such debt; or in the public debt or bonds of any city, county, township, village or school district of any State in the United States which shall have been authorized by the legislature of such State: Provided, The total indebtedness of such municipality does not exceed five per cent of its assessed valuation, except by a vote of two-thirds of the board of directors, such bonds may be purchased if the total liabilities do not exceed ten per cent of its assessed valuation, or loan the same upon negotiable paper secured by any of the above mentioned classes of security; or upon notes, or bonds, secured by mortgage lien upon unincumbered real estate worth at least double the amount loaned; the remainder of such deposits may be invested in notes, bills or other evidences of debt. the payment of which is secured by the deposit of collateral security consisting of personal property, of known marketable value, worth ten per cent more than the amount so loaned and interest for the time of the loan; or may be deposited in any national bank, trust company, or bank in cities in this or any other State approved by the Commissioner of the Banking Department as reserve cities; and a portion of said remainder, not exceeding the capital and
additional stockholders' liability, may be invested in negotiLimit of deposit able paper approved by the board of directors, but the deposits
in any oue bank shall not exceed ten per cent of the total deposits, capital and surplus of the depositing bank.
Im case the actual reserve shall fall below the fifteen per cent
above provided, the bank shall promptly, and in good faith, teen per cent.
take measures to restore and maintain its lawful reserve, in default of which the Commissioner of the Banking Department shall require such restoration within thirty days after
Proviso as to debt of municIpalities.
in any one bank.
Proceedings when reserve falls below tif.
notice, and a failure to comply with such demand shall warrant proceedings to wind up the bank, as provided in section six of this act.
SEC. 28. A pass-book shall be issued to each depositor in Pass-book, the savings department, containing the rules and regulations iseter, fete adopted by the board of directors governing such deposits, in which book shall be entered each deposit made by, and each payment made to, such depositor, and no payment or check against any such savings account shall be made unless accompanied by and entered in the pass-book issued therefor, except for good cause and on assurances satisfactory to the officers of the bank. Nothing in this section shall prevent savings banks issuing time certificates of deposit or certificates of deposit specifically issued subject to the rules and regulations governing savings deposits.
SEC. 52. The total liabilities of any bank or any person Liabilities of or of any company, corporation or firm for money advanced, money, etc., including in the liabilities of the company or firm the limited. liabilities of the several members thereof, except special partners, shall at no time exceed one-tenth part of the amount of the capital and surplus of such bank; but the discount of bills of exchange drawn in good faith against actually existing values and the discount of commercial or business paper actually owned by the person negotiating the same shall not be considered as money borrowed: Provided, proviso. however, That the foregoing limitations shall not apply to loans upon real estate or other collateral securities authorized by this act: Provided further, That by a two-thirds Further proviso vote of the directors the liabilities of any bank or any person or company or corporation or firm, may be increased to a sum not exceeding one-fifth of the capital and surplus of the bank.
This act is ordered to take immediate effect.
[ No. 11. ] AN ACT to amend section thirty-five of chapter ninety-five
of the revised statutes of one thousand eight hundred fortysix, being compiler's section five thousand six hundred twenty-nine of the compiled laws of one thousand eight hundred seventy-one, the same being section seven thousand one hundred eighty of Howell's Annotated Statutes, relative to attorneys, solicitors, and counselors.
SECTION 1. The People of the State of Michigan enact, Section That section thirty-five of chapter ninety-five of the revised statutes of one thousand eight hundred forty-six, being section five thousand six hundred twenty-nine of the compiled laws of one thousand eight hundred seventy-one, the same