[No. 162.] AN ACT to amend section thirteen of act number one hundred eight of the public acts of eighteen hundred eightynine, entitled "An act to provide for the incorporation of trust, deposit and security companies, and to repeal act fifty-eight of the session laws of eighteen hundred seventyone, approved March twenty-nine, eighteen hundred seventyone, entitled 'An act to provide for the incorporation of trust, deposit and security companies,' being chapter eightyeight of Howell's annotated statutes; also to repeal act number one hundred twenty-three of session laws of eighteen hundred eighty-three, approved May twenty-fifth, eighteen hundred eighty-three, entitled 'An act to amend section nine of act fifty-eight of the session laws of eighteen hundred seventy-one,' approved March twenty-nine, eighteen hundred seventy-one, being compilers' section two thousand two hundred ninety, relative to the corporate rights of trust, deposit and security companies," being section eight thousand fifty-five of the compiled laws of nineteen hundred fifteen. The People of the State of Michigan enact: amended. SECTION 1. Section thirteen of act number one hundred Section eight of the public acts of eighteen hundred eighty-nine, entitled "An act to provide for the incorporation of trust, deposit and security companies, and to repeal act fifty-eight of the session laws of eighteen hundred seventy-one, approved March twenty-nine, eighteen hundred seventy-one, entitled 'An act to provide for the incorporation of trust, deposit and security companies,' being chapter eighty-eight of Howell's annotated statutes; also to repeal act number one hundred twenty-three of session laws of eighteen hundred eighty-three, approved May twenty-fifth, eighteen hundred eighty-three, entitled 'An act to amend section nine of act fifty-eight of the session laws of eighteen hundred seventy-one,' approved March twenty-nine, eighteen hundred seventy-one, being compilers' section two thousand two hundred ninety, relative to the corporate rights of trust, deposit and security companies," being section eight thousand fifty-five of the compiled laws of nineteen hundred fifteen, is hereby amended to read as follows: erty. SEC. 13. The shares of stock of the corporations estab- Stock deemed lished under this act shall be deemed personal property and personal propshall be transferable only on the books of such corporations in such manner as their by-laws shall prescribe. All shares Assessment. of stock in companies organized under this act shall be assessed at their cash value, after deducting the assessed value of all real property owned by and assessed to such company, and that proportion of the par value of all securities owned by such company which are exempt from taxation under the general tax laws of the state that the capital, surplus and undivided profits of such company bear to its capital, surplus, undivided profits and deposits. Approved May 10, 1923. Sections amended. Exceptions. Non-resident property. [No. 163.] AN ACT to amend sections eight, fourteen and one hundred twenty of act number two hundred six of the public acts of eighteen hundred ninety-three, 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. The People of the State of Michigan enact: SECTION 1. Sections fourteen and one hundred twenty of act number two hundred six of the public acts of eighteen hundred ninety-three, 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 bids [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 ninety-seven of the public acts of nineteen hundred twenty-one, being sections four thousand eight and four thousand one hundred nineteen of the compiled laws of nineteen hundred fifteen, are hereby amended to read as follows: SEC. 14. The excepted cases referred to in the preceding section are as follows, viz.: First, All goods and chattels situate in some township other than where the owner resides, shall be assessed in the township where situate, and not elsewhere, if the owner or person having control thereof hires or occupies a store, mill, dockyard, piling ground, place for sale of property, shop, office, mine, farm, place of storage, manufactory or ware- Second, All animals kept throughout the year in some Live stock. township other than where the owner resides shall be assessed to such owner or the person in possession in the township where kept; Third, All shares in banks, and trust, deposit and security Bank stock. companies shall be assessed to their owners in the township, village or city where the bank or trust, deposit or security company is located: Provided, That the shares owned by a Proviso. person residing in the county where the bank or trust, deposit or security company is located shall be assessed in the township or city where he resides; personal Fourth, The personal property of minors under guardian- Minors' ship shall be assessed to the guardian in the township where property. he resides, and the personal property of every other person under guardianship shall be assessed to the guardian in the township where the ward resides; property in Fifth, The personal property belonging to the estates of Personal deceased person, in the hands of the executors, administrators, hands of or trustees, appointed under the last will and testament of executors, etc. such deceased person, or by any court of competent jurisdiction, shall be assessed to them in the township and in the school district where the deceased last dwelt, until they shall give notice to the supervisor or other assessing officer that the estate has been distributed to the legatees or beneficiaries or other persons entitled thereto. If such deceased was a non-resident of the state such property shall be assessed in the township where situated, to such executors, administrators or trustees, or to the person in possession; Sixth, Personal property under the control of a trustee or Trustee or agent, whether a corporation or a natural person, may be agent. assessed to such trustee or agent in the township where he resides, except as otherwise provided. Personal property mortgaged or pledged, shall be deemed the property of the person in possession thereof and may be assessed to him; federal lands, Seventh, All personal property of any person situated upon, Personal also all buildings situated and being upon the lands of the property on United States or of this state, or upon the lands of any etc. person, persons, firm, association or corporation. where the owner of such buildings or personal property is not the owner of the fee in such lands, and where such lessor or owner of such buildings or property has not bound himself to pay taxes on the real estate, shall be deemed personal property for the purposes of taxation and assessment, and shall be assessed as personal property to the owner or occupant thereof in the city, village or township in which such lands are situated, and such buildings shall be subject to sale for taxes in the same manner as provided for the sale of personal Proviso. Non-residents, forest products, etc. When and where assessed. Property in transit. Attachment. Proviso. Further proviso, release from lien. property: Provided, however, That it shall not be necessary to remove any such buildings for the purpose of sale; Eighth, Personal property of non-residents of the state, and all forest products owned by residents or non-residents, or estates of deceased persons, shall be assessed in the township or ward where the same may be, to the person, persons, or corporation having control of the premises, store, mill, dockyard, piling ground, place of storage or warehouse where such property is situated in such township, on the second Monday of April of the year when the assessment is made, except that where such property is in transit to some place within the state, it shall be assessed in such place, except that where such property is in transit to some place without the state, it shall be assessed at the place in this state nearest to the last boom or sorting gap of the stream in or bordering on this state in which said property will naturally be last floated during the transit thereof, and in case the transit of any such property is to be other than through any water course in or bordering on this state, then such assessment shall be made at the point where such property will naturally leave the state in the ordinary course of its transit; and such property so in transit to any place without the state shall be assessed to the owner or the person, persons, or corporation, in possession or control thereof, and in case such transit will pass said logs through the booms or sorting gaps or into the places of storage of any person, persons, or corporation, operating upon any such stream, then such property may be assessed to such person, persons, or corporation; and the person, persons or corporation so assessed for any such property belonging to a non-resident of this state shall be entitled to recover from the owner of such property by a suit in attachment, garnishment or for money had and received, any amount which the person, persons or corporation so assessed are compelled to pay because of such assessment, and shall have a lien upon said property as security against loss or damage because of being so assessed for the property of another, and may retain possession of such property until such lien is satisfied: Provided, That the person, persons or corporation so assessed shall not be compelled to pay taxes on account of such assessment, unless the supervisor or assessing officer shall at the time of assessment serve notice in writing on the person, persons or corporation having control of the premises, store, mill, dockyard, piling ground, place of storage or warehouse that such assessment will be made: Provided further, That any owner or person interested in said property may secure the release of the same from such lien by giving to the person, persons or corporation so as sessed a bond in an amount double the probable tax to be assessed thereon, but not less than the sum of two hundred dollars, with two sufficient sureties, conditioned for the payment of such tax by said owner or person interested, and the saving of the person, persons or corporation assessed from payment thereof, and from costs, damages and expenses on account of his nonpayment, which bond as to amount and sufficiency of sureties shall be approved by the county clerk of the county in which the assessment is made. bank stock clerk. misdemeanor. SEC. 120. The cashier of every bank and the secretary of Names of every trust, deposit or security company, the capital of which holders filed is represented by shares of stock, shall on the second Monday with county of April in each year, file in the office of the county clerk of the county where the bank or trust, deposit or security company is located, a list of the names of the stockholders, the amount of stock held by each on the day said report is made, and their respective residences. Immediately after the filing of such statement, the county clerk shall notify the supervisor of each township of the name of each person, if any, residing in his township holding shares of stock in any such bank, or trust, deposit or security company, and of the amount thereof as shown by such statement. If the cashier of any Refusal to bank or the secretary of any trust, deposit or security com- file, etc., pany shall wilfully neglect or refuse to make any file in the office of the county clerk a list of the names of stockholders, the amount of stock held by each, and their respective residences, as provided in this act, or shall wilfully make and file any false entry in any such list, he shall be guilty of a misdemeanor, and upon conviction he shall be punished by a Penalty. fine not exceeding five hundred dollars or by imprisonment in the county jail not to exceed a period of six months, or by both such fine and imprisonment in the discretion of the court. If the president, secretary, or chief accounting officer of any corporation, company or association, or any representative thereof, shall wilfully neglect or refuse, or shall make and verify any false statement to any assessing officer, the intention or effect of which may be to escape taxation, such person shall be guilty of a misdemeanor, and on conviction thereof shall be punished by a fine of not less than one hundred nor more than five hundred dollars, or by imprisonment in the county jail not to exceed a period of six months, or by both such fine and imprisonment in the discretion of the court. And any person who shall wilfully make and verify any such statement with the effect or intention to evade taxation, shall be guilty of a misdemeanor, and upon conviction shall be punished by a fine not to exceed three hundred dollars or by imprisonment in the county jail not to exceed a period of six months or by both such fine and imprisonment in the discretion of the court. Approved May 10, 1923. |