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Steamship companies. Proviso.
Michigan: Provided, That such company has, for five years prior to the time of making such investment by said bank, paid annually, dividends equal to not less than four per cent on its entire capital stock, and has not during the same period defaulted in the payment of the matured principal or interest or any debts incurred by it and secured by mortgage or trust deed upon its property or any part thereof, or in the payment of any part of the matured principal or interest of any bonds guaranteed or assumed by it; or in the first mortgage bonds of any such company which has been in operation less than five years: Provided, That the cost of construction and equipment of the plant of such company shall exceed by at least fifty per cent the amount of the entire bonded indebtedness of such company, and the said plant and equipment shall be free from all other liens and encumbrances, and the said company shall have earned during the period it has been in operation, more than enough to pay all interest accrued on all said bonds and not less than four per cent per annum dividends upon its entire capital stock outstanding: Provided, Said issues of bonds shall have been approved by the securities commission hereinafter provided for;
(gIn the legally authorized first mortgage bonds of steamship companies: Provided, That such mortgages shall be upon steel steamship or steamships for the carriage upon the great lakes and connecting waters of package freight and passengers combined of at least five thousand tons carrying capacity each, and upon bulk freighters of at least seven thousand tons carrying capacity each: Proridel. Such bonds are issued at the time of completion and enrollment of such steamship, or steamships, or within one year thereafter: And Provided further, That by the express terms of said mortgage, at least ten per cent of the total issue of said bonds shall be retired annually, beginning within two years from the date of said bonds, and that the mortgage liability against said property shall not exceed one-half of its actual cost: And Provided further, That the trustees of such mortgage shall be required to protect the lien of said mortgage by attending to the recording thereof and by causing property covered by said mortgage to be insured against all risks on vessel property ordinarily covered by such insurance, including marine risks and disasters, general and particular average, collision liability, protection and indemnity insurance and insurance against liability for injuries to persons, in insurance companies and under forms of policies approved by the trustee, for an amount equal to the full insurable value of such steamship, such insurance to be made with loss payable to said trustee and the policies deposited with it: And Provided further, that there shall be filed with the Commissioner of the Banking Department of this State a schedule of the insurance upon such property, which schedule shall be signed
Further proviso, when retired.
Further proviso, insurance.
by the trustee under said mortgage and shall be accompanied
Said banks may loan the same upon negotiable paper Secured
(i) Upon notes or bonds secured by mortgage lien upon Notes secured unencumbered real estate worth at least double the amount on real estate. loaned; the remainder of such deposits may be invested in notes, bills or other evidences of debt, the payment of which Notes, etc.,
payment is secured by the deposit with the bank, of collateral se- Security: curity consisting of personal property or securities 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 invested in notes, bills or other evidences of debt, the paylient of which is secured by such property or securities deposited in a trust company organized under the laws of this
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 negotiable paper approved by the board of directors, but
deposits in any one bank shall not exceed ten per cent of the total deposits, capital and surplus of the depositing bank. In case the actual reserve shall fall below the fifteen Bank to mainper cent above provided, the bank shall promptly and in tain reserve. food faithi, take measures to restore and maintain its lawful l'eserve, in default of which the Commissioner of the Banking Department shall require such restoration within thirty days after notice, and a failure to comply with such demand shall warrant proceedings to wind up thie bank as provided in section six of this act.
Approved April 9, 1913.
AN ACT to amend section one of act number sixty-one of
the Public Acts of nineteen hundred eleven, entitled “An act in relation to the division of or changing of boundaries of primary school districts," and to add a new section to stand as section two.
The People of the State of Michigan enact: Section
SECTION 1. Act number sixty-one of the Public Acts of apiended.
nineteen hundred eleven, entitled “An act in relation to the division of or changing of boundaries of primary school dis
tricts," is hereby amended by amending section one, and by Section added. adding a new section thereto to stand as section two, said
amended section and said added section to read as follows: Boundaries,
Sec. 1. Hereafter the township board of any township may change of.
divide or change the boundaries of any primary school district regardless of whether such school wstrict was formed or created under the general school law, or under any local act or special law in accordance with the same rules and in such manner as is prescribed for the formation and alteration of school districts. In those instances in which the school district lies in more than one township, such action shall be taken at a joint meeting of the boards of the various
townships interested. Consolidation. Sec. 2. Hereafter the township board of any township
may consolidate school districts regardless of whether such school districts were formed or created under the general school law or created under any local or special law in accordance with the same rules and in such manner as is prescribed for the formation and alteration of school districts. In those instances in which the school districts lie. in more than one township, such action shall be taken at a joint
meeting of the boards of the various townships interested: Proviso, Provided, That two or more districts shall not be consolireferendum.
dated, unless such consolidation is approved by a majority vote of the electors voting at an annual meeting in each district affected.
Approved April 9, 1913.
AN ACT to amend section five of act number one hundred ninety-six of the Public Acts of nineteen hundred nine, entitled "An act to establish a Board of Commissioners for the Promotion of Uniformity of Legislation in the United States."
The People of the State of Michigan enact: SECTION 1. Section five of act number one hundred ninety. Section six of the Public Acts of nineteen hundred nine, entitled “An amended. act to establish a Board of Commissioners for the Promotion of Uniformity of Legislation in the United States” is amended to read as follows:
Sec. 5. No member of said board shall receive any com- Compensation. pensation for his services, but the board may annually draw a sum not exceeding five hundred dollars for the actual traveling and other necessary expenses incurred by its members in the discharge of their official duties, and for the expenses incurred in drafting uniform laws, and for printing and clerical expenses incurred by the conference of commissioners from the several states in the prosecution of their work; the vouchers therefor to be audited by the said board and by the Vouchers, Board of State Auditors, and said board shall keep a full audit. account of its expenditures.
Approved April 9, 1913.
[No. 47.] AN ACT to amend section one of act number two hundred of the Public Acts of nineteen hundred five, entitled “An act to provide for the compulsory education of children, for penalties for failure to comply with the provisions of this act, and to repeal all acts or parts of acts conflicting with the provisions of the same," as amended by act number seventy-four of the Public'Acts of nineteen hundred
The People of the State of Michigan enact:
Section Public Acts of nineteen hundred five, entitled “An act to amended. provide for the compulsory education of children, for penal. to repeal all acts or parts of acts conflicting with the provisions of the same," as amended by act number seventy-four
of the Public Acts of nineteen hundred seven, is hereby
amended to read as follows: Children of Sec. 1. Every parent, guardian or other person in the required to
State of Michigan, having control and charge of any child attend school. between the ages of seven and sixteen years, shall be required
to send such child to the public schools during the entire school year, and such attendance shall be continuous and consecutive for the school year fixed by the district in which such parent, guardian or other person in parental relation may reside: Provided, That in the following cases children
shall not be required to attend the public schools: Exceptions. (a) Any child who is being taught in a private or paro
chial school such branches as are usually taught in the public schools to children of corresponding age, or who, upon the completion of the work in such schools, shall present satisfactory evidence to the county commissioner of schools, and in appropriate cases, to the superintendent of schools, that he has completed sufficient work to entitle him to an eighth grade diploma;
(b) Any child who has received an eighth grade diploma from the public schools;
(c) Any child who is physically unable to attend school. If the truant officer is notified of the non-attendance of any child at school, and he shall find the one in parental control claiming that such child is physically unable to attend school, the truant officer may secure a written statement of a competent physician, certifying that such child is physically unable to attend school;
(d) Children over fourteen years of age whose services are essential to the support of their parents may be excused by the county commissioner of schools or city superintendent of schools from attendance at school, on the recommendation of the board of education of the district in which such children reside, and said board shall certify to the officers herein mentioned the facts in all such cases;
(e) Children under nine years of age, whose parents do not reside within two and one-half miles, by the nearest traveled road, of some public school: Provided, That if transportation is furnished for pupils in said district, this exemption shall not apply;
(f) Any child twelve to fourteen years of age while in at.
tendance at confirmation classes conducted for a period of Proviso, not to exceed five months in either of said years: Provideıl, employinent permit.
however, That any child claiming exemption from attending school under subdivisions (a) or (b) hereof, shall secure such permit as may be required under the statutes of Michigan covering the employment of minors, and shall be regularly employed at some lawful work if physically able to do so.
Approved April 10, 1913