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Testimony, how taken, etc.

To whom delivered.

Fees, where charged.

such county the sum of ten dollars per day and expenses for time actually used in such hearing.

SEC. 10. At the time and place there specified in the notice, the commissioner or judge of probate, before whom such inquiry shall be conducted, shall proceed to take the testimony of the witnesses produced before him by the attorney general or prosecuting attorney and by the officer accused, which witnesses shall be sworn by such commissioner or judge of probate and every answer given by them to any question, which either party shall require to be reduced to writing, shall be taken stenographically or in writing under the direction of such commissioner or judge of probate, and such testimony shall be certified by the commissioner or judge of probate, taking the same to be a correct transcript of all of the testimony so taken in said hearing. Such testimony so taken and certified shall be delivered by said commissioner or judge of probate to such prosecuting attorney or attorney general, who shall transmit the same with a summary of such testimony to the governor, and the fees of the commissioner or other officer for the performance of such services shall be a charge against the county.

Approved March 23, 1923.

Section amended.

Deposits required on hand.

[No. 9.]

AN ACT to amend section twenty-seven 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 seven thousand nine hundred ninety-six of the compiled laws of nineteen hundred fifteen, as amended by act number twentythree of the public acts of nineteen hundred nineteen.

The People of the State of Michigan enact:

SECTION 1. Section twenty-seven 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 seven thousand nine hundred ninety-six of the compiled laws of nineteen hundred fifteen, as amended by act number twenty-three of the public acts of nineteen hundred nineteen, is hereby amended to read as follows:

SEC. 27. A savings bank shall keep at least twelve per cent of its total deposits on hand, or with national or state banks or trust companies, payable on demand, in cities approved by the commissioner of the banking department as

reserve cities, or invested in United States bonds; three-fifths of the remainder of the savings deposits shall be invested by the board of directors as follows:

etc.

(a) In bonds of the United States, of any state or terri- U. S. bonds, tory of the United States: Provided, That such state or Proviso. territory has not, in the ten years preceding the time of such investment, repudiated its debt and failed to pay the same, or the interest due thereon, or upon any part of such debt; or

bonds.

(b) In the public debt or bonds of any city, county, town- Municipal, ship, village or school district of any state or territory in the etc., bonds. United States, which shall have been authorized by the legis lature of such state or territory, or in farm loan bonds issued Farm loan by federal land banks under authority of that act of congress approved July seventeen, nineteen hundred sixteen, known as the federal farm loan act, and amendments thereto: Pro- Proviso. vided, That the total indebtedness of such municipality does not exceed five per cent of its assessed valuation; except by a vote of two-thirds of the board of directors, such bonds may be purchased if the total liabilities do not exceed ten per cent of its assessed valuation; or

(c) In the legally authorized bonds of any road district Road district in Michigan organized, constituted, and existing by virtue of bonds. the provisions of act number fifty-nine of the public acts of nineteen hundred fifteen, and amendments thereto; or

bonds.

(d) In the legally authorized first mortgage bonds of any Steam R. R. steam railroad corporation organized under the laws of any state of the United States: Provided, That such company Proviso. has for five years prior to the time of making such investment by such bank, paid annually, dividends equal to not less than four per cent on its entire capital stock and has not during said period defaulted in the payment of the matured principal or interest of any debts incurred by it and secured by a 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 and assumed by it;

lines.

(e) In the first mortgage bonds of railroad companies Leased whose lines are leased or operated or controlled by any railroad company specified in paragraph (d) of this section, if said bonds be guaranteed both as to principal and interest by the railroad company to which said lines are leased or by which they are operated or controlled;

retiring

debtedness.

(f) In the legally authorized mortgage bonds of any steam Bonds railroad corporation organized under the laws of any state prior of the United States, which shall have been issued for the mortgage inpurpose of retiring all prior mortgage indebtedness on so inuch of the property of such company as is covered by the mortgage securing such issue of bonds, and further provid ing for additions, extensions or improvements: Provided, Proviso. That such company has for three 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

Proviso, approval by securities commission.

Electric, etc.,
railway
bonds.

Proviso.

Proviso.

Proviso, approval.

Steamship bonds. Proviso.

Proviso.

Further proviso.

Further proviso.

stock, which capital stock shall equal or exceed in amount one-third of the par value of all its bonded indebtedness, and has not, during the same period, defaulted in the payment of the matured principal or interest of 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 upon a bond guaranteed or assumed by it: Provided, That said issues of bonds shall have been approved by the securities commission hereinafter provided for;

(g) In the legally authorized first mortgage bonds of any electric railroad, street railway, gas or electric light or power company, organized under the laws of the state of 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 of 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, That said issues of bonds shall have been approved by the securities commission hereinafter provided for;

(h) In 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: Provided, That 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

proviso.

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 Further commissioner of the banking department of this state a schedule of the insurance upon such property, which schedule shall be signed by the trustee under said mortgage and shall be accompanied by the certificate of said trustee that the policies mentioned in said schedule are held by said trustee, and are payable to said trustee in case of loss for the benefit of the holders of the outstanding bonds issued under such mortgage: And provided further, That similar certificates Further be filed from time to time by said trustee with said commis- proviso. sioner of the banking department of this state, evidencing renewals of said insurance by proper policies or legal insurance binders: Provided further, That by the terms of Further such mortgage, the mortgagor shall not suffer such steamship to become indebted in an amount exceeding five per cent of the original amount of the principal of said mortgage at any time and that the failure of the mortgagor to forthwith procure the release of such steamship or steamships from mechanics', laborers', admiralty, statutory, or other liens, claims or charges against said steamship, shall constitute a default in the provisions of such mortgage: And provided Further further, That such bonds shall have been approved by the securities commission hereinafter provided for;

proviso.

proviso.

paper, etc.

(i) Said banks may loan the same upon negotiable paper Negotiable or other evidences of indebtedness, secured by any of the above mentioned classes of securities; or

mortgages.

(j) Upon notes or bonds secured by mortgage lien upon Real estate unencumbered real estate worth at least double the amount loaned except on improved farm property the amount loaned upon such notes or bonds secured by first mortgage lien shall not exceed sixty per cent of value of such property; or

(k) In accepted drafts or bills of exchange having not Drafts, etc. more than six months to run growing out of transactions involving the importation or exportation of goods; or growing out of transactions involving the domestic shipment of goods providing shipping documents conveying or securing title are attached at the time of acceptance; or which are secured at the time of acceptance by official warehouse receipt or other document conveying or securing title covering readily marketable staples. For the purposes of this section the acceptance of any one person, company, firm or corporation shall not exceed at any time more than twenty per cent of its paid up capital and unimpaired surplus. The aggregate of such accepted drafts or bills of exchange shall not exceed at any

Proviso, approval by securities commission.

Electric, etc..
railway
bonds.

Proviso.

Proviso.

Proviso, approval.

Steamship bonds. Proviso.

Proviso.

Further proviso.

Further proviso.

stock, which capital stock shall equal or exceed in amount one-third of the par value of all its bonded indebtedness, and has not, during the same period, defaulted in the payment of the matured principal or interest of 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 upon a bond guaranteed or assumed by it: Provided, That said issues of bonds shall have been approved by the securities commission hereinafter provided for;

(g) In the legally authorized first mortgage bonds of any electric railroad, street railway, gas or electric light or power company, organized under the laws of the state of 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 of 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, That said issues of bonds shall have been approved by the securities commission hereinafter provided for;

(h) In 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: Provided, That 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

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