but no transfer of stock shall be valid against a bank so long as the registered holder thereof shall be liable as principal debtor, surety or otherwise to the bank for any debt which shall be due and unpaid, nor in such case shall any dividend, interest or profits be paid on such stock, so long as such liabilities continue, but all such dividends, interest or profits shall be retained by the bank and applied to the discharge of such liabilities; and no stock shall be transferred on the books of any bank without the consent of the board of directors, where the registered holder thereof is in debt to the bank for any matured and unpaid obligations. All sales, Sales, etc., transfers and assignments of any stock made or given with when vold. the intent and purpose on the part of such stockholder to hinder, delay or defraud the creditors of such bank or any of them shall be null and void as against the creditors of such bank, except as to purchasers in good faith and for present fair consideration, if made within four months prior to the filing of a petition asking for the appointment of a receiver of such bank. Approved April 18, 1927. of stock, [No. 47.] AN ACT to make appropriations for the board of state tax commissioners for the fiscal years ending June thirty, nineteen hundred twenty-eight, and June thirty, nineteen hundred twenty-nine, for maintenance and operation. The People of the State of Michigan enact: and pur SECTION 1. There is hereby appropriated from the general Amounts fund for the board of state tax commissioners, for the fiscal poses. year ending June thirty, nineteen hundred twenty-eight, the sum of one hundred nine thousand five hundred fifty-four dollars and thirty cents, and for the fiscal year ending June thirty, nineteen hundred twenty-nine, the sum of one hundred eight thousand two hundred four dollars and thirty cents, for the purposes and in the specific amounts as follows: Each of said amounts shall be used solely for the specific purposes herein stated, subject to the general supervisory control of the state administrative board. How paid out. Fees, where deposited. SEC. 2. The amounts hereby appropriated shall be paid out of the state treasury at such times and in such manner as is or may be provided by law. SEC. 3. All fees or other moneys received by said board of state tax commissioners shall be forwarded to the state treasurer each month and shall be by said treasurer deposited in the state treasury to be disbursed in such manner and for such purposes as may be provided by law. This act is ordered to take immediate effect. . Embezzle ment. what deemed. Penalty. [No. 48.] AN ACT to define and punish the crime of embezzlement, and to repeal sections twenty-six, twenty-seven, twenty-nine and thirty of chapter one hundred fifty-four of the revised statutes of eighteen hundred forty-six, act number one hundred sixty-nine of the public acts of eighteen hundred seventy-five and act number one hundred eighty-five of the public acts of eighteen hundred eighty-five, being sections fifteen thousand three hundred seven, fifteen thousand three hundred eight, fifteen thousand three hundred ten, fifteen thousand three hundred eleven, fifteen thousand three hundred seventy-seven, fifteen thousand three hundred seventyeight, fifteen thousand three hundred seventy nine and fifteen thousand three hundred eighty of the compiled laws of nineteen hundred fifteen. The People of the State of Michigan enact: SECTION 1. If any person as the agent, servant or employee of another, or as the trustee, bailee or custodian of the property of another, or of any partnership, voluntary association, public or private corporation, or of this state, or of any county, city, village, township or school district within this state, shall fraudulently dispose of or convert to his own use, or take or secrete with intent to convert to his own use without the consent of his principal, any money or other personal property of his principal which shall have come to his possession or shall be under his charge or control by virtue of his being such agent, servant, employee, trustee, bailee or custodian, as aforesaid, shall be guilty of the crime of embezzlement, and upon conviction thereof if the money or personal property so embezzled shall be of the value of twenty-five dollars or under, shall be punished by imprisonment in the county jail for not more than three months, or by a fine not exceeding one hundred dollars, or by both such fine and imprisonment in the discretion of the court; if the money or personal property so embezzled be of the value of more than twenty-five dollars, such person shall be punished by imprisonment in the state prison not more than fifteen years, or by a fine not exceeding one thousand dollars, or by both such fine and imprisonment in the discretion of the court. proof. SEC. 2. The failure, neglect or refusal of such agent, Prima facie servant, employee, trustee, bailee or custodian to pay, deliver or refund to his principal such money or property entrusted to his care upon demand shall be prima facie proof of intent to embezzle. repealed. SEC. 3. Sections twenty-six, twenty-seven, twenty-nine and Sections thirty of chapter one hundred fifty-four of the revised statutes of eighteen hundred forty-six, act number one hundred sixtynine of the public acts of eighteen hundred seventy-five and act number one hundred eighty-five of the public acts of eighteen hundred eighty-five, being sections fifteen thousand three hundred seven, fifteen thousand three hundred eight, fifteen thousand three hundred ten, fifteen thousand three hundred eleven, fifteen thousand three hundred seventy-seven, fifteen thousand three hundred seventy-eight, fifteen thousand three hundred seventy-nine, and fifteen thousand three hundrd eighty of the compiled laws of nineteen hundred fifteen, are hereby repealed: Provided, That any proceedings pending Proviso, under any act herein repealed shall not be affected hereby but pending proshall be concluded in accordance with the law of such repealed section or sections. Approved April 18, 1927. ceedings. [No. 49.] AN ACT to change the name of Long lake in Montcalm county, to Lake Montcalm. The People of the State of Michigan enact: changed. SECTION 1. The name of Long lake, which is located in Name This act is ordered to take immediate effect. Section amended. Felony, what deemed. [No. 50.] AN ACT to amend section one of act number forty-four of the public acts of nineteen hundred seven, entitled "An act to make it a felony to take possession of and to drive away any automobile or other motor vehicle in certain cases and to provide a penalty therefor," being section fifteen thousand four hundred thirty of the compiled laws of nineteen hundred fifteen, as amended by act number two hundred twenty of the public acts of nineteen hundred seventeen, and act number three hundred thirteen of the public acts of nineteen hundred nineteen. The People of the State of Michigan enact: SECTION 1. Section one of act number forty-four of the public acts of nineteen hundred seven, entitled "An act to make it a felony to take possession of and to drive away any automobile or other motor vehicle in certain cases and to provide a penalty therefor," being section fifteen thousand four hundred thirty of the compiled laws of nineteen hundred fifteen, as amended by act number two hundred twenty of the public acts of nineteen hundred seventeen, and act number three hundred thirteen of the public acts of nineteen hundred nineteen, is hereby amended to read as follows: SEC. 1. Any person who shall wilfully and without authority, take possession of and drive or take away, and any person who shall assist in or be a party to such taking possession, driving or taking away of any motor vehicle belonging to another, shall be deemed guilty of a felony and on conviction thereof shall be punished by imprisonment in the state prison for not more than ten years. This act is ordered to take immediate effect. Section amended. [No. 51.] AN ACT to amend section four of chapter forty-nine of act number three hundred fourteen of the public acts of nineteen hundred fifteen, "The judicature act of nineteen hundred fifteen," being section thirteen thousand seven hundred twenty-six of the compiled laws of nineteen hundred fifteen, as amended by act number ninety-five of the public acts of nineteen hundred nineteen. The People of the State of Michigan enact: SECTION 1. Section four of chapter forty-nine of act number three hundred fourteen of the public acts of nineteen hundred fifteen, "The judicature act of nineteen hundred fifteen," being section thirteen thousand seven hundred twenty-six of the compiled laws of nineteen hundred fifteen, as amended by act number ninety-five of the public acts of nineteen hundred nineteen, is hereby amended to read as follows: SEC. 4. For publishing any legal notice or any order, cita- Fees. tion, summons or any other proceedings or advertisement required by law to be published in any newspaper, the cost of publishing such advertisement shall not exceed the rate of one dollar and twenty cents per folio for the first insertion and sixty cents per folio for each subsequent insertion: Provided, That any newspaper publishing for the state of Michigan any such advertisement other than tax lists and those arising in the course of judicial proceedings shall be permitted to charge therefor its regular established commercial rate in effect at the time such notice or advertisement is published. Approved April 18, 1927. [No. 52.] AN ACT to amend section twenty-three of act number three hundred thirty-nine of the public acts of nineteen hundred nineteen, entitled "An act relating to dogs and the protection of live stock and poultry from damage by dogs; providing for the licensing of dogs; regulating the keeping of dogs, and authorizing their destruction in certain cases; providing for the determination and payment of damages done by dogs to live stock and poultry; imposing powers and duties on certain state, county, city and township officers and employes, and to repeal act number three hundred forty-seven of the public acts of nineteen hundred seventeen, and providing penalties for the violation of this act," as amended by act number thirty-one of the public acts of nineteen hundred twenty-five. The People of the State of Michigan enact: amended. SECTION 1. Section twenty-three of act number three hun- Section dred thirty-nine of the public acts of nineteen hundred nineteen, entitled "An act relating to dogs and the protection of live stock and poultry from damage by dogs; providing for the licensing of dogs; regulating the keeping of dogs, and authorizing their destruction in certain cases; providing for the determination and payment of damages done by dogs to live stock and poultry; imposing powers and duties on certain state, county, city and township officers and employes, and to repeal act number three hundred forty-seven of the public acts of nineteen hundred seventeen, and providing penalties |