Credits exempted. 170-695 Conflicting acts. SEC. 10. That class of credits other than the mortgages given prior to January first, nineteen hundred twelve, upon which this act imposes a specific tax shall be exempt from further general taxes under the laws of this State. All acts and parts of acts in contravention of the provisions of this act are hereby repealed. Approved April 18, 1911. Commission, taxation, etc. Proviso. [No. 92.] AN ACT to create a commission of inquiry to review, investigate and inquire into the entire system of taxation in this State, to define its powers and duties and to provide compensation therefor. The People of the State of Michigan enact: SECTION 1. The Governor shall appoint three persons, resiappointment, dents of this State, who shall be duly qualified to perform the duties of the office, who shall constitute a commission of inquiry to review, investigate and inquire into the entire system of taxation in this State and submit a report to the Governor not later than October first, nineteen hundred eleven: Provided, That the Governor may extend the time for making such report until January fifteenth, nineteen hundred twelve, if in his judgment such extension of time is necessary, setting forth its views and a comprehensive plan of securing for the people of this State the full measure of revenues by way of taxation from every species of property subject to taxation under the constitution for the benefit of the State or its several municipalities, and the correction of inequalities in taxation wherever found. Oath of office. SEC. 2. The members of said commission so appointed shall take and subscribe the constitutional oath of office to Compensation. be filed with the Secretary of State. The members of said commission shall receive as compensation for services performed under this act the sum of fifteen dollars per day for time actually spent in the performance of such duties as members of said commission, together with their actual and necessary expenses in connection therewith, both to [to] be audited and allowed by the Board of State Auditors and paid by the State Treasurer out of the general fund. Powers, etc. SEC. 3. A majority of the members of said commission shall constitute a quorum of the said commission for the transaction of such business as may properly come before it under this act, and said commission or any member thereof shall have power and authority to examine any and all documents, records and papers belonging to or under the control of any officer, institution, department or bureau of this State, as an aid to the performance of the duties herein imposed upon said commission. submitted. SEC. 4. The report provided for in section one of this Report, when act shall be submitted to the Governor on or before the fifteenth day of October, nineteen hundred eleven, or if the time for making such report be extended by the Governor, as provided in section one, on or before the fifteenth day of January, nineteen hundred twelve, and after such report is made as provided for in sections one and four of this act all power and duty herein imposed upon said commission shall cease. SEC. 5. It is hereby declared that said commission of inquiry and the performance of the powers and duties conferred on it by this act are immediately necessary for the preservation of the public peace and safety. This act is ordered to take immediate effect. [No. 93.] AN ACT making an appropriation for the State Board of Library Commissioners for the special purposes of defraying the expenses of organization of existing and new libraries, and for the expense of library institutes and training schools, and for the general expenses of the board for the fiscal years ending June thirty, nineteen hundred twelve, and June thirty, nineteen hundred thirteen, and to provide a tax to meet the same. The People of the State of Michigan enact: of library SECTION 1. There is hereby appropriated for each of the State board fiscal years ending June thirty, nineteen hundred twelve, and commisJune thirty, nineteen hundred thirteen, the sum of four sioners. thousand dollars, to be expended by the State Board of Library Commissioners as follows: For defraying expenses of organizing libraries and of conducting library institutes and training schools, two thousand dollars; for traveling expenses of organizer, four hundred dollars; for secretary and clerical assistance, twelve hundred dollars; for supplies and incidentals, four hundred dollars. Instructors suitable for this Instructors, work shall be selected by the board, and all the expenses in- selection of, curred thereby, together with the expenses of said board, whether within or outside the State, including traveling expenses of its members, supplies and incidentals necessary for the work, shall be paid out of the appropriation. The Secretary. board may appoint a secretary and such secretary may re etc. Printing, etc. How paid out. Tax clause. ceive, such sum as shall be agreed upon by the board. The SEC. 2. The amounts appropriated by this act shall be SEC. 3. The Auditor General shall incorporate in the State . This act is ordered to take immediate effect. Liability, release from. [No. 94.] AN ACT releasing the county of Lapeer from any and all The People of the State of Michigan enact: SECTION 1. The county of Lapeer is hereby released from any and all liability to the State of Michigan for the expense of calling out and maintaining the State troops at the city of Lapeer during the fall of nineteen hundred ten, in order to aid the civil authorities in maintaining a quarantine at the Michigan Home for the Feeble Minded and Epileptic. This act is ordered to take immediate effect. [No. 95.] AN ACT to provide for the taxation in the hands of their holders or owners or the persons or corporations, to whom owing, of the shares of stock in and indebtedness of certain railroad or railway corporations, whether the same be represented by bonds, other securities, interest coupons or otherwise; to require the making of reports by such railroad or railway corporations upon which to base such taxes; to fix the penalties for any refusal or neglect to make such reports, and to provide in certain instances for the inspection of the corporate books of any such railroad or railway corporation for the purpose of securing information upon which to base such taxation; to make the said tax a lien upon the property taxed and in certain instances upon the property of the said railroad or railway corporation issuing or owing the same, and to provide for the enforcement of the said lien and tax. The People of the State of Michigan enact: SECTION 1. For the year nineteen hundred twelve, and Railroads, for each year thereafter, a specific State tax shall be levied stock, etc., of, specific upon all of the shares of stock issued and outstanding of, tax upon. and upon the indebtedness whether represented by bonds or other securities issued, or by unpaid interest coupons or otherwise, secured by a mortgage or trust deed or otherwise upon the railroad or property or any part thereof, or being a permanent indebtedness, owing by, all railroad or railway companies now or hereafter existing or doing business in Michigan under, or possessing or exercising any special charter or any rights, privileges or franchises under, any special charter which said tax shall be upon the interest or property therein of the holder or owner thereof, or the person or corporation to whom the same shall be owing and the said tax shall be as follows: The shares of stock shall be subject Rate of to an annual tax at the rate of two per cent upon the par value thereof, and the indebtedness, whether represented by bonds, past due interest coupons or otherwise, shall be subject to an annual tax at the rate of one per cent upon the face value or amount thereof. taxation. of, what to SEC. 2. Every such railroad or railway corporation shall, on Railroad, or before the first day of May in each year, make and file etc., report with the Auditor General a report, which shall set forth set forth. in detail the number of shares of its capital stock issued, the aggregate amount thereof, the names of the individual holders or owners, with the amount thereof held by each, together with the residence or place of business of each; the amount of its bonded indebtedness, together with the names of the persons or corporations holding or owning the same, and the amount thereof held or owned by each, with their residences Stock, etc., held by trustee. Failure to report, penalty. Tax, computing of. When payable. Dividends, etc., tax deducted from. or places of business; the amount of its other indebtedness secured by mortgage or otherwise upon its road or property, the names of the persons or corporations to whom owing, the amount thereof owing or belonging to or held by each with their residences or places of business; the amount of all other permanent indebtedness, together with the names of the persons or corporations to whom owing, the amount owing or belonging to or held by each with their residences or places of business. In any case where the said stock, bonds, securities or other indebtedness are held by a trustee or trustees, or by any other person or corporation for the owners thereof, and the said railroad or railway company shall not have the name or names and residences or places of business of the individual owner or owners thereof, it shall report the names and residences or places of business of said trustee or trustees or any other person holding the same for the owners thereof for any purpose, as the holders thereof, and in such case the Auditor General may upon computation of the tax, assess it against such trustee or trustees. Such report shall be verified by the secretary and treasurer of the corporation. If any such corporation shall fail, neglect or refuse to make the said report within the time limited, it shall be subjected to the forfeiture of all its special rights and privileges in addition to a penalty of one hundred dollars per day during the period of such refusal or neglect, to be recovered in any court of competent jurisdiction in an action in the name of the people, and the right to bring repeated actions for the recovery of penalties is hereby given. SEC. 3. Upon the coming in of said reports and within thirty days thereafter, the Auditor General shall compute at the rates herein fixed the taxes upon such stock, bonds, securities or indebtedness as the case may be, and shall enter the same upon his ledger as a charge and assessment against each of the several holders or owners of such stock, bonds, securities or indebtedness, and shall thereupon notify each of said corporations of the amount thus assessed and charged on account of the stock in, or bonds, securities or indebtedness issued or owing by such corporation, together with a detailed statement of the names of the persons or corporations against whose stock, bonds, security or credit, the said assessment and charges are made; he shall also forthwith notify each of such holders or owners of any such stock, bonds, securities or indebtedness of the amount assessed against him or it, by registered mail. SEC. 4. Said tax shall be payable to the State Treasurer on or before the thirtieth day of June in the year in which assessed, and if not paid shall bear interest from the fifteenth day of July in the year in which payable at the rate of two per cent per month. SEC. 5. It shall be the duty of every such corporation to deduct the amount of said tax from any dividend or interest or principal which shall be by it payable or about to be |