authorized to construct and equip, or purchase and equip a building or buildings to be used as a public market, and to purchase a site within the county for such purpose. expend. SEC. 2. For the purpose above mentioned the board of Sum may supervisors may expend such sums of money as may be necessary, not exceeding one mill on each dollar of the assessed valuation of the county, and may borrow such sum or sums on the faith and credit of the county and issue bonds therefor. SEC. 3. When a public market has been established in any Control of. county under this act the board of supervisors shall have control thereof and may make regulations for the use and operation of such market, and may appoint a market master Market masand such other employes as they may deem necessary, whose salary shall be paid from the general fund. ter, etc. SEC. 4. This act shall not take effect until it has been Referendum. approved by a majority vote of the electors of said county. voting therefor at a general or special election called for that purpose. This act is ordered to take immediate effect. [No. 61.] AN ACT to amend the title and section one of act number two hundred forty-seven of the public acts of nineteen hundred nineteen, entitled "An act to permit the taking of cisco by the use of gill nets in the waters of certain lakes in Cass county, and providing for the licensing and regulation of such fishing by the state game, fish and forestry warden," as amended by act number thirty-three of the public acts of nineteen hundred twenty-one. The People of the State of Michigan enact: section SECTION 1. The title and section one of act number two Title and hundred forty-seven of the public acts of nineteen hundred amended. nineteen, entitled "An act to permit the taking of cisco by the use of gill nets in the waters of certain lakes in Cass county, and providing for the licensing and regulation of such fishing by the state game, fish and forestry warden," as amended by act number thirty-three of the public acts of nineteen hundred twenty-one, are hereby amended to read as follows: TITLE. An Act to permit the taking of cisco by the use of gill nets in the waters of certain lakes in Cass and Barry counties, and providing for the licensing and regulation of such fishing by the state game, fish and forestry warden. Statements deemed representations. Understate ment of age. Participate in surplus. Loans. be incontestable after it shall have been in force during the life time of the insured for two years from its date, except for non-payment of premiums and except for violations of the policy relating to naval and military services in time of war, and at the option of the company provisions relative to benefits in the event of total and permanent disability and provisions which grant additional insurance specifically against death by accident may also be excepted; Fourth, A provision that all statements made by the insured, shall, in the absence of fraud, be deemed representations and not warranties, and that no such statement shall avoid the policy unless it is contained in a written application and a copy of such application shall be endorsed upon or attached to the policy when issued; Fifth, A provision that if the age of the insured has been understated, the amount payable under the policy shall be such as the premium would have purchased at the correct age; Sixth, A provision that the policy shall participate in the surplus of the company, and that, beginning not later than the end of the fifth policy year, the company will determine and account for the portion of the divisible surplus accruing on the policy, and that the owner of the policy shall have the right to have the current dividend arising from such participation paid in cash, and that at periods of not more than five years such accounting and payment at the option of the policy-holder shall be had. This provision shall not be required in non-participating policies; Seventh, A provision, that after three full year premiums have been paid, the company at any time, while the policy is in force, will advance, on proper assignment of the policy and on the sole security thereof, at a specified rate of interest, a sum equal to, or at the option of the owner of the policy, less than the reserve at the end of the current policy year on the policy and on any dividend additions thereto, specifying The mortality table and rate of interest adopted for computing such reserve, less a sum not more than two and one half per centum of the amount insured by the policy and of any dividend additions thereto; and that the company will deduct from such loan value any existing indebtedness on the policy and any unpaid balance of the premium for the current policy year, and may collect interest in advance on the loan to the end of the current policy year; which provision may further provide that such loan may be deferred for not exceeding six months after the application therefor is made. It shall be further stipulated in the policy that failure to pay any such advance or to pay interest shall not void the policy unless the total indebtedness thereon to the company shall equal or exceed such loan value at the time of such failure ror until one month after notice shall have been mailed by the company to the last known address of the insured and of the assignee if any. No condition other than as herein Lake Huron: Provided, however, That it shall be lawful to Proviso, take or catch fish in these closed waters with hook and line hook and line. in accordance with the laws of the state of Michigan. Approved April 20, 1923. [No. 63.] AN ACT to amend section three, subdivision two, chapter two, part three of act number two hundred fifty-six of the public acts of nineteen hundred seventeen, entitled "An act to revise, consolidate and classify the laws of the state of Michigan relating to the insurance and surety business; to regulate the incorporation of domestic insurance and surety companies and associations and the admission of foreign companies; and to provide for the departmental supervision and regulation of the insurance and surety business within this state," approved May ten, nineteen hundred seventeen. The People of the State of Michigan enact: amended. SECTION 1. Section three, subdivision two, chapter two, Section part three of act number two hundred fifty-six of the public acts of nineteen hundred seventeen, entitled "An act to revise, consolidate and classify the laws of the state of Michigan relating to the insurance and surety business; to regulate the incorporation of domestic insurance and surety companies and associations and the admission of foreign companies; and to provide for the departmental supervision and regulation of the insurance and surety business within this state," approved May ten, nineteen hundred seventeen, is hereby amended to read as follows: required in advance. SEC. 3. No policy of life insurance shall be issued in this Provisions state, unless the same shall contain the following provisions: : policy. First, A provision that all premiums shall be payable in Premiums advance, either at the home office of the company or to an payable in agent of the company, upon delivery of a receipt signed by one or more of the officers who shall be named in the policy; Second, A provision for a grace of one month for the pay- Grace. ment of every premium after the first year, which may be subject to an interest charge, during which month the insurance shall continue in force, which provision may contain a stipulation that if the insured shall die during the month of grace the over due premium will be deducted in any settlement under the policy; contract. Third, A provision that the policy, together with the appli- Entire cation therefor, a copy of which application shall be endorsed upon or attached to the policy and made a part thereof, shall constitute the entire contract between the parties and shall Statements deemed representations. Understate ment of age. Participate in surplus. Loans. be incontestable after it shall have been in force during the life time of the insured for two years from its date, except for non-payment of premiums and except for violations of the policy relating to naval and military services in time of war, and at the option of the company provisions relative to benefits in the event of total and permanent disability and provisions which grant additional insurance specifically against death by accident may also be excepted; Fourth, A provision that all statements made by the insured, shall, in the absence of fraud, be deemed representations and not warranties, and that no such statement shall avoid the policy unless it is contained in a written application and a copy of such application shall be endorsed upon or attached to the policy when issued; Fifth, A provision that if the age of the insured has been understated, the amount payable under the policy shall be such as the premium would have purchased at the correct age; Sixth, A provision that the policy shall participate in the surplus of the company, and that, beginning not later than the end of the fifth policy year, the company will determine and account for the portion of the divisible surplus accruing on the policy, and that the owner of the policy shall have the right to have the current dividend arising from such participation paid in cash, and that at periods of not more than five years such accounting and payment at the option of the policy-holder shall be had. This provision shall not be required in non-participating policies; Seventh, A provision, that after three full year premiums have been paid, the company at any time, while the policy is in force, will advance, on proper assignment of the policy and on the sole security thereof, at a specified rate of interest, a sum equal to, or at the option of the owner of the policy, less than the reserve at the end of the current policy year on the policy and on any dividend additions thereto, specifying The mortality table and rate of interest adopted for computing such reserve, less a sum not more than two and one half per centum of the amount insured by the policy and of any dividend additions thereto; and that the company will deduct from such loan value any existing indebtedness on the policy and any unpaid balance of the premium for the current policy year, and may collect interest in advance on the loan to the end of the current policy year; which provision may further provide that such loan may be deferred for not exceeding six months after the application therefor is made. It shall be further stipulated in the policy that failure to pay any such advance or to pay interest shall not void the policy unless the total indebtedness thereon to the company shall equal or exceed such loan value at the time of such failure ror until one month after notice shall have been mailed by the company to the last known address of the insured and of the assignee if any. No condition other than as herein provided shall be exacted as a prerequisite to any such advance. This provision shall not be required in term insurances; ments. Eighth, A provision which, in event of default in premium Default in payments, after premiums shall have been paid for three premium payyears, shall secure to the owner of the policy a stipulated form of insurance, the net value of which shall be at least equal to the reserve at the date of default on the policy and on any dividend additions thereto, specifying the mortality table and rate of interest adopted for computing such reserves, less a sum not more than two and one-half per centum of the amount insured by the policy and of any existing dividend additions thereto, and less any existing indebtedness to the company on the policy. Such provision shall stipulate that the policy may be surrendered to the company at its home office within one month from date of default for a specified cash value at least equal to the sum which would otherwise be available for the purchase of insurance as aforesaid and may stipulate that the company may defer payment for not more than six months after the application therefor is made. This provision shall not be required in term insurances of twenty years or less; loan Ninth, A table showing in figures the loan values, and the Table of options available under the policies each year upon default values. in premium payments, during at least the first twenty years of the policy, beginning with the year in which such value and options become available; other Tenth, A provision that if, in event of default in premium Purchase of payments, the value of the policy shall be applied to the insurance. purchase of other insurance, and if such insurance shall be in force and the original policy shall not have been surrendered to the company and canceled, the policy may be reinstated within three years from such default, upon evidence of insurability satisfactory to the company and payment of arrears of premiums with interest; date of. Eleventh, A provision that when a policy shall become a Settlement, claim by the death of the insured, settlement shall be made upon receipt of due proof of death, or not later than two months after receipt of such proof; Twelfth, A table showing the amounts of installments in Installments. which the policy may provide its proceeds may be payable; Thirteenth, A title on the face and on the back of the Title. policy correctly describing the same. Any of the foregoing provisions or portion thereof relating to premiums not applicable to single premium policies, shall to that extent not be incorporated therein. Approved April 20, 1923. |