Where moneys deposited. Expenditure. Deficiencies, highways. shall refuse or neglect to make any statement or return required by the provisions of this act, or who shall engage in business in this state as a wholesale distributor without being a holder of an unrevoked license to engage in such business as provided in section three hereof, or who shall engage in business as a retail dealer without having filed a certificate with the secretary of state as required by section seven hereof, or who shall knowingly purchase gasoline for resale from any one other than a licensed wholesale distributor, or who shall knowingly sell or use on the public highway any gasoline upon which the tax herein imposed has not been paid, shall be punished by a fine of not less than fifty dollars nor more than one thousand dollars, or imprisonment in the county jail for a term not less than thirty days, and not more than one year, or both such fine and imprisonment in the discretion of the court. SEC. 19. All sums of money received and collected by the secretary of state under the provisions of this act, except the license fees provided herein, shall be deposited in the state treasury to the credit of the state highway fund, and after the payment of the necessary expenses incurred in the enforcement of this act, are hereby appropriated from the state highway fund for the calendar year ending December thirty-one, nineteen hundred twenty-seven, and for each calendar year thereafter, for the specific purposes and in the amounts set forth in the following schedule: (a) To meet deficiencies in appropriations for the paystate award ment of net amounts owing the several counties and townships on state award highways as follows: The total amounts due and to become due the several townships to be paid on the first day of April, nineteen hundred twenty-eight, and on the first day of April each year thereafter; two million dollars. to be paid to the several counties, payable one million dollars on February one, nineteen hundred twenty-eight, and one million dollars on April one, nineteen hundred twenty-eight, and on the same dates in each year thereafter until such awards have been paid; Interest on bonds. Payment to counties. (b) For the payment of interest on state highway bonds and on the principal thereof, not less than three million dollars; (c) A sum equal to the difference between six million dollars and fifty per cent of the total weight tax collected under the provisions of act number three hundred two of the public acts of nineteen hundred fifteen, as amended, shall belong to the several counties of the state; seven-eighths of a sum equal to one-half of the total weight tax shall be paid to the several county treasurers in proportion to the amount of said weight tax received from the owners of registered vehicles within the several counties under the provisions of said act number three hundred two of the public acts of nineteen hundred fifteen, as amended; the remaining oneeighth of said sum shall be paid to the several county treas urers thereof as follows: treasurer of each county; One-eighty-third to the county villages. (c-1) A sum equal to two thousand dollars per mile of Cities and state trunk line highways, contained within the limits of a city or village, the maintenance of which is an obligation of such city or village, shall be paid to each such city or village annually, on or before August first of each year: Provided, Proviso. That said highways shall be maintained in a manner satisfactory to the state highway commissioner; (d) The balance, if any, shall be used for the general construction, improvement, betterment and maintenance of the public highways within this state. All appropriations made herein shall be expended under How the supervision of the state administrative board, in accord- expended. ance with the highway laws. SEC. 20. Neither this act, nor any of its provisions, shall apply to foreign or interstate commerce. clause. SEC. 21. The provisions of this act are severable and if Saving any section, sentence, clause or phrase thereof, is, for any reason, held to be unconstitutional or invalid, the decisions of the court shall not affect the validity of the remaining portions of this act. pending SEC. 22. Act number two of the public acts of nineteen Act repealed. hundred twenty-five, as amended, is hereby repealed: Pro- Proviso, vided, That any and all matters, orders and proceedings pend- proceedings. ing before the secretary of state or before any court under the provisions of said act number two of the public acts of nineteen hundred twenty-five, shall be deemed to be continued with the same effect as though said act was not hereby repealed. Approved May 12, 1927. [No. 151.] AN ACT to make an appropriation to defray the expenses of the reunion of the American Legion-Department of Michigan. The People of the State of Michigan enact: SECTION 1. There is hereby appropriated from the general Appropriafund for the fiscal year ending June thirtieth, nineteen hun- tion. dred twenty-seven, the sum of five thousand dollars to defray the expenses of the re-union of the American Legion, Department of Michigan, to be held in the city of Jackson in August, nineteen hundred twenty-seven. SEC. 2. The state administrative board shall determine Expenditure. the times when and the amounts thereof which the condition When warrants issued. of the general fund of the state will warrant making expenditures therefrom against the appropriations herein authorized. SEC. 3. Upon the orders of the state administrative board the auditor general shall issue his warrants upon the state treasurer for such sums as shall be allowed by said board, not exceeding in all the appropriations authorized in this act. This act is ordered to take immediate effect. Approved May 12, 1927. Section amended. Inspection and supervision. Salaries of examiners. [No. 152.] AN ACT to amend section thirty-eight of act number two hundred five of the public acts of eighteen hundred 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", being section eight thousand eight of the compiled laws of nineteen hundred fifteen, as last amended by act number two hundred twenty-nine of the public acts of nineteen hundred seventeen. The People of the State of Michigan enact: SECTION 1. Section thirty-eight of act number two hundred five of the public acts of eighteen 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", being section eight thousand eight of the compiled laws of nineteen hundred fifteen, as last amended by act number two hundred twenty-nine of the public acts of nineteen hundred seventeen, is hereby amended to read as follows: SEC. 38. Every bank existing or hereafter incorporated under the laws of this state shall be subject to the inspection and supervision of the commissioner of the banking department, as provided in this act. He may also employ from time to time such examiners to assist him and his deputy in the discharge of the several duties imposed upon them by this act, as he shall find necessary. Salaries of the examiners shall be fixed by the commissioner of the banking department, subject to the approval of the state administrative board. The salaries of the examiners shall be paid monthly by the state treasurer, upon a voucher countersigned by the auditor general. Vouchers for the examiners' salaries must be first approved by the commissioner. All traveling expenses of examiners shall be paid as is indicated in this act and provided for in the payment of expenses of commissioner, deputy and clerks. bond. Bank examiners shall file with the commissioner of banking To file This act is ordered to take immediate effect. [No. 153.] AN ACT to amend section six of act number two hundred ninety-six of the public acts of nineteen hundred seventeen, entitled "An act concerning industrial banks, defining the same and providing for their incorporation, powers, supervision and control", as last amended by act number four hundred twenty of the public acts of nineteen hundred nineteen. The People of the State of Michigan enact: amended. SECTION 1. Section six of act number two hundred ninety- Section six of the public acts of nineteen hundred seventeen, entitled "An act concerning industrial banks, defining the same and providing for their incorporation, powers, supervision and control", as last amended by act number four hundred twenty of the public acts of nineteen hundred nineteen, is hereby amended to read as follows: SEC. 6. No industrial bank shall: loan. (a) Make any industrial loan exceeding two per cent of Limit of the paid in capital and surplus of the bank: Provided, how- Proviso. ever, That after its surplus and undivided profits shall equal twenty-five per cent of its capital and when it shall be maintaining a reserve equal to ten per cent of its total savings accounts, then one-half of any accumulated surplus funds may be available for investments or loan in first mortgages on fee real estate worth at least double the amount loaned -no one such mortgage to be for a sum in excess of ten per cent of the bank's capital and surplus-and the balance of such surplus funds may be invested in securities, except real estate mortgages, qualifying under section twenty-seven of the banking law, public acts of eighteen hundred eighty-seven, as amended, pursuant to the limitations contained in section fifty-two of the same act; of loan. (b) Make any industrial loan under the provisions of this Duration act for a longer period than one year from the date thereof: Provided, however, That surplus funds may be invested for a Proviso. period longer than one year, as provided in subdivision "a" of this section: (c) Deposit any of its funds with any other moneyed Depositing. corporation unless such corporation is an incorporated bank or trust company in a reserve city designated by the com- Teachers' college, may [No. 154.] AN ACT to authorize counties having a population of five hundred thousand or over to make provision for the establishment and maintenance of a teachers' college for said county; to authorize the levy and collection of taxes for the support of the same; to borrow money and issue bonds for such purpose and to provide for a board of control. The People of the State of Michigan enact: SECTION 1. Any county of the state having a population of establish. five hundred thousand or over shall have the power and authority by resolution of the board of supervisors to establish a teachers' college within said county, and for this purpose said county may raise money by tax or by loan and issue the bonds of the county to secure the payment of any such loan within the limits provided by law for the erection of buildings, the purchase of equipment and the maintenance of a school system maintained by the city having the largest population within said county. The board of supervisors of said county may raise by tax within the limit herein provided such sum or sums as may be needed from year to year for the equipment, support and maintenance of said teachers' college. Administrative board. SEC. 2. In any county in the state of Michigan acting under the provisions of this act it shall be legal for the board of supervisors of such county, and such board is hereby authorized by ordinance, to provide for the appointment of an administrative board. Such administrative board shall be constituted as provided in such ordinance, and upon the passage of such ordinance such board shall have such power and authority as the board of supervisors shall in such ordinance provide. Approved May 12, 1927, |