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[No. 48.]

AN ACT to amend act number two hundred five of the Pub

lic 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," as amended, the same being chapter one hundred sixty-one of the Compiled Laws of eighteen hundred ninety-seven, by adding a new section thereto providing for the fixing of the price at which the increase of capital stock may be sold, which section is to stand as section ten-a of said act.

that

The People of the State of Michigan enact: SECTION 1. Act number two hundred five of the Public Section added. 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," as amended, is hereby amended by adding thereto one new section to stand as section ten-a, and to read as follows:

Sec. 10-a. The amount of the capital stock and the num- Capital stock, ber of shares of every corporation organized under this act etc., may be

increased, etc. may be increased or diminished at any annual meeting of the stockholders, or at a special meeting expressly called for

purpose, by a vote of two-thirds of the capital stock of the corporation. In voting upon the increase of the capital stock, the stockholders shall have power, by the same statutory majority, to fix the value of, and the price at which the increase of the capital stock shall be subscribed and paid for by the stockholders, but not less than par, as well as the time and manner of the subscription and payment, and by the same vote to authorize the directors of the corporation to sell, at not less than the price so fixed, any part of such increase not subscribed by the stockholders, after they have had a reasonable opportunity to make subscription of their proportionate shares thereof; and to make provision for calling in and cancelling the old and issuing new certificates of stock; but nothing herein contained shall in any way operate to discharge any corporation which may diminish its capital stock, from any obligation or demand that may be due from

corporation: Provided, That no increase or reduction Proviso. of said capital stock shall be made except in accordance with

provisions of section ten of said act. Approved April 10, 1913.

said

the

[No. 49.]

AN ACT to amend section twenty-three 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," approved June twenty-one, eighteen hundred eighty-seven, being section six thousand one hundred twelve of the Compiled Laws of eighteen hundred ninety-seven, to permit the loaning of fifty per cent of the surplus of any commercial bank upon real estate mortgages.

The People of the State of Michigan enact: Section

SECTION 1. Section twenty-three of act number two hunamended. dred 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," approved June twenty-one, eighteen hundred eighty-seven, being section six thousand one hundred twelve of the Compiled Laws of eighteen hundred

ninety-seven, is hereby amended to read as follows: Mortgage, etc.,

SEC. 23. Any bank which by its articles of incorporation loans, limit.

shall designate its business as that of a commercial bank, shall have power to carry on the business of banking as prescribed and limited in this act, but it shall not lend to ex: ceed fifty per cent of its capital stock and surplus upon mortgage or any other form of real estate security, and then only upon the adoption of a resolution by a two-thirds

vote of the board of directors stating to what extent its Exception.

officers may loan on real estate, as herein provided, except to secure a debt previously contracted in good faith on personal security deemed at the time adequate to secure such loan.

Approved April 10, 1913.

[No. 50.] AN ACT to amend section five of part one and to add one

new section to act number ten of the Public Acts of the Legislature of the State of Michigan passed at the first Extra Session of the year nineteen hundred twelve, entitled "An act to promote the welfare of the people of this State, relating to the liability of employers for injuries or death sustained by their employes, providing compensation for the accidental injury to or death of employes and methods for the payment of the same, establishing an Industrial Accident Board, defining its powers, providing for a review of its awards, making an appropriation to carry out the provisions of this act, and restricting the right to compensation or damages in such cases to such as are provided by this act.”

The People of the State of Michigan enact: SECTION 1. Section five of part one of act number ten Sections of the Public Acts of the Legislature of the State of Michi- amended and gan, passed at the first Extra Session of the year nineteen hundred twelve, entitled "An act to promote the welfare of the people of this State, relating to the liability of employers for injuries or death sustained by their employes, providing compensation for the accidental injury to or death of employes and methods for the payment of the same, establishing an Industrial Accident Board, defining its powers, providing for a review of its awards, making an appropriation to carry out the provisions of this act, and restricting the right to compensation or damages in such cases to such as are provided by this act,” is hereby amended, and one new section is hereby added to said act to stand as section twenty-three of part two of said act, said amended section and said new section to read as follows:

SEC. 5. The following shall constitute employers subject Employers to the provisions of this act:

1. The State, and each county, city, township, incorporated village and school district therein, and each incorporated public board or public commission in this State authorized by law to hold property and to sue or be sued generally;

2. Every person, firm and private corporation, including any public service corporation, who has any person in service under any contract of hire, express or implied, oral or Written, and who, at or prior to the time of the accident to the employe for which compensation under this act may be claimed, shall in the manner provided in the next section, have elected to become subject to the provisions of this act, and who shall not, prior to such accident, have effected a withdrawal of such election, in the manner provided in the next section.

subject to this act.

Compensation treated as operating expenses.

Sec. 23. All compensation paid or to be paid under this act by any employer, being an incorporated public board, or public commission shall be treated as part of the necessary operating expenses thereof, and all sums and amounts of money required therefor may be embraced in any requisition authorized by law to be made upon any other public corporation, body or officer for moneys for the use of such employer in addition to all other sums authorized by law, or

separate requisition therefor may be made in like manner; How paid, etc. and the same shall be allowed and paid to such employer in

the same manner as other moneys are required to be allowed
and paid for the use of such employer; or the same may be
embraced in any report or requirement authorized by law to
be made to or upon any other public corporation, or officer,
of sums of money to be levied as taxes for the use of such
employer, in addition to all other sums authorized by law, or
separate report or requirement thereof may be made in like
manner; and the same shall be levied, collected and paid as
other amounts for taxes are required to be levied, collected
and paid for the use of such employer.

Approved April 10, 1913.

[No. 51.]

AN ACT to amend section fifty-seven of act number two hun

dred 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 Depart-
ment for the supervision of such business," being section
six thousand one hundred forty-six of the Compiled Laws
of eighteen hundred ninety-seven.

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The People of the State of Michigan enact: Section

SECTION 1. Section fifty-seven of act number two hundred amended.

five of the Public Acts of eighteen hundred eighty-seven, en-
titled “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 six thousand one
hundred forty-six of the Compiled Laws of eighteen hundred

ninety-seven, is hereby amended to read as follows: Ratable

SEC. 57. From time to time, under the direction of the Whede meceiver Commissioner of the Banking Department, the receiver shall to make. make ratable dividends of the moneys realized or collected by

him on all such claims as may have been proved to his satis-
faction or adjudicated in a court of competent jurisdiction,
and the remainder of the proceeds, if any, after the costs
and expenses of such proceedings and all debts and obliga-

commissioner

tions of the bank are satisfied, shall be paid over to the stockholders of such bank, or their legal representatives, in proportion to the stock by them respectively held: Provided, Proviso, however, That the Commissioner of the Banking Department may examine. shall cause to be made an examination of the affairs and conditions of any such receivership before directing payment of any dividend or accepting final report, or at any other time lie may deem an examination necessary. The expenses of Per diem such examination shall be paid by the receiver at the rate examiners. of not to exceed ten dollars per day for the services of eaclı examiner, and the actual expenses incurred while making the examination.

Approved April 10, 1913.

expenses of

[No. 52.]

AN ACT to amend section sixty-one (a) of act number two

hundred six of the Public Acts of eighteen hundred ninetythree, entitled "An act to provide for the assessment of property, and the levy and collection of taxes thereon, and for the collection of taxes heretofore and hereafter levied; making such taxes a lien on the lands taxed, establishing and continuing such lien, providing for the sale and conveyance of lands delinquent for taxes, and for the inspection and disposition of lands bid off to the State, and not redeemed or purchased; and to repeal act number two hundred of the Public Acts of eighteen hundred ninety-one, and all other acts and parts of acts in anywise contravening any of the provisions of this act,” as amended by act number two hundred thirty-four of the Public Acts of nineteen hundred five.

The People of the State of Michigan enact: SECTION 1. Section sixty-one (a) of act number two hun- Section dred six of the Public Acts of eighteen hundred ninety-three, amended. entitled “An act to provide for the assessment of property and the levy and collection of taxes thereon, and for the collection of taxes heretofore and hereafter levied; making such taxes a lien on the lands taxed, establishing and continuing such lien, providing for the sale and conveyance of lands delinquent for taxes, and for the inspection and disposition of lands bid off to the State and not redeemed or purchased; and to repeal act number two hundred of the Public Acts of eighteen hundred ninety-one, and all other acts or parts of acts in anywise contravening any of the provisions of this act,” as amended by act number two hundred thirty-four of the Public Acts of nineteen hundred five, is hereby amended to read as follows:

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