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Highway Commissioner, is not sustained, the road district shall pay the cost of such appeal.

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Apportion-
fits against a
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be final.

ment of bene

large, etc., to

proofs, etc.

SEC. 48. The apportionment of benefits for the proposed improvements against the county at large, or against any city at large, and against the several townships at large, as made by the county road commissioners, or the State Highway Commissioner, or in case of appeal by the county or any township as made by the board of review herein before provided for shall be final and conclusive and shall not be changed by the board of review herein appointed to review the apportionment of benefits upon lands. The board of Hearing of review herein shall proceed at the time and place specified in their notice to hear the proofs and allegations of the parties in interest, and shall proceed to view the lands benefited by the proposed improvement, and to review all of the apportionments for benefits made by the county road commissioners, or the State Highway Commissioner, on lands benefited in such township on account of such improvement, and if in their judgment there be manifest error in any such apportionment upon lands benefited, they shall make such changes therein and equalize the same as they deem just and equitable. All boundaries of the special assessment district as made by the county road commissioners, or the State Highway Commissioner, or by the board of review herein before mentioned, upon appeal shall be final and conclusive; the board of review appointed to review the apportionment of the per cent upon lands shall have no power to add additional lands to the special assessment district. But one appeal shall be acted upon to review the apportionment of the per cent of benefits assessed upon lands in any township.

Board of have power to add addi

review not to

tional land.

Only one acted upon.

appeal to be

Collection of

assessment

reported.

SEC. 52. All the assessment rolls under this act, reported to the board of supervisors at the annual meeting thereof, rolls. shall be ordered spread and collected by the board and they shall order any rolls reported to them, while they are in session, spread and collected. Rolls not reported before the Rolls not final adjournment of such boards at their annual October meeting, shall stand over until the following year, notwithstanding they may have been ordered collected by the county road commissioners the prior year. Where the contract is Delay from let prior to the annual meeting of the board of supervisors in October, and by reason of delay occurring from appeals to review the apportionment of benefits taken, so that the assessment roll, as finally determined, cannot be laid before the meetings of the board of supervisors, such delay shall not affect the collection of the second installment of the assessment, but both the first and second installments shall be collected the next year.

SEC. 57. The county road commissioner, or the State Highway Commissioner, acting under the provisions of this act, may employ all necessary clerks, and such clerk hire, and any legal expense shall be charged to the several road districts

appeals.

Legal and assistance.

clerical

Expenses, how paid.

Clerical errors.

Who to correct errors.

of meeting.

Omission of lands through

error.

Erroneous description, acreage, etc.

in behalf of which they shall be employed. They may likewise employ an attorney when they deem the same necessary. All incidental expenses shall be paid out of the first moneys collected.

SEC. 77. After the county road commissioners shall have made their apportionment of benefits, and held a review of the same, whether an appeal has been taken therefrom or not, but in case of appeal, then after such appeal shall have been decided, and it shall appear that any parcel of land has been omitted by clerical error within the boundaries of the district finally established, or that parcels of land have been misdescribed, or the acreage stated to be more or less than it really is or that the amount appearing on the roll as assessed against any parcel of land is erroneous because of a clerical error, the county road commissioners, or the State Highway Commissioner, as the case may be, may correct such errors in the manner herein provided.

SEC. 79. At such meeting, the county road commissioners, or the State Highway Commissioner, shall correct the errors Adjournment aforesaid. Such meeting may be adjourned from time to time, public announcement of such adjournment being made in each case. Where lands within the boundaries of the assessment district as established have been omitted by clerical mistake from the apportionment of benefits, or from the special assessment roll, they may be added thereto, and shall be assessed their proportionate share of the cost of the improvement. Where lands have been erroneously described, they shall be correctly described as near as may be. Where the acreage of any parcel is erroneously stated to be more or less than it really is, such acreage shall be correctly stated as near as may be. Where the apportionment of benefits has already been determined by the State Highway Commissioner, or by the appellate boards, upon an acreage basis, the tax or apportionment upon any parcel where the acreage was wrong in the first instance shall be increased or reduced as the case may be, proportionate to the increase or decrease of the acreage of that parcel. Where any parcel of land is charged on the roll with an assessment that is improper because of some clerical error, such assessment shall be corrected.

Crediting excessive taxation.

Imposing of additional

tax.

SEC. 80. If a parcel of land shall have been erroneously assessed too high by reason of a mistake in the acreage of the parcel, and one or more years' tax shall have been paid thereon, the board of county road commissioners or the State Highway Commissioner, as the case may be, in their next assessment roll after the hearing herein provided, shall credit such parcel with the excessive tax theretofore paid or charged to it, and thereafter shall place the same upon the assessment roll as equalized under this act. If a parcel of land theretofore has been assessed too low by reason of a mistake of the acreage of such parcel, the board of county road commissioners or the State Highway Commissioner, as the case may

be, in the aforesaid next roll, shall charge such parcel with the additional tax which said parcel did not pay or was not charged with on prior rolls by reason of the mistake aforesaid, and thereafter shall place such parcel upon the assessment roll as equalized under this act. If any parcel of land has been erroneously omitted from the apportionment of benefits of the tax roll, the board of county road commissioners or the State Highway Commissioner, as the case may be, in their next assessment roll shall add such parcel to the roll and charge the same with all taxes theretofore omitted, as well as the tax it should regularly bear on that roll, and thereafter shall place the same upon the assessment roll as equalized under this act. It shall be assessed its just proportion of the cost of the same. Where the tax upon any parcel of land as shown by the roll is improper because of some clerical error the same shall be corrected, and the county road commissioners or the State Highway Commissioner, as the case may be, in their next assessment roll shall charge such parcel with the tax found to have been omitted, or credit said parcel with the amount of tax theretofore charged in excess of what it should have been; and thereafter they shall place said parcel upon the assessment roll as equalized under this act.

Approved April 21, 1919.

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[No. 108.]

AN ACT to amend sections fifty-two and sixty-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," as amended, being compilers' sections eight thousand twenty and eight thousand thirty-two of the Compiled Laws of nineteen hundred fifteen.

The People of the State of Michigan enact:

SECTION 1. Sections fifty-two and sixty-seven of act num- Sections ber two hundred five of the Public Acts of eighteen hundred amended. 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, are hereby amended to read as follows:

amount

SEC. 52. The total liabilities to any bank of any person or Borrower's of any company, corporation or firm for moneys advanced, liability, including in the liabilities of the company or firm the liabili- limited. ties of the several members thereof, except special partners, shall at no time exceed one-tenth part of the amount of

Proviso,

when limitations not applicable.

Further proviso, when liabilities may be increased.

Further pro

officers or employes.

Limit on

capital and surplus of such bank, but the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed: Provided, however, That the foregoing limitations shall not apply to loans on real estate or other collateral securities authorized by this, act, and deposited with the bank, or a trust company organized under the laws of this State: Provided further, That by a two-thirds vote of directors, the liabilities to any bank of any person or company, or corporation or firm may be increased to a sum not exceeding one-fifth of the capital and surplus of the bank; but such additional one-tenth of such capital and surplus shall not be loaned to any officer or director, or to any partnership in which such officer or director is a partner, or to any corporation in which such officer or director owns a majority of the capital stock, until such officer, director, partnership or corporation furnishes collateral or endorsements satisfactory to the directors, or files with the bank a sworn statement of assets and liabilities showing a net worth of sufficient amount to be entitled to such credit: Provided further, That before any bank under viso, loans to the supervision of the laws of this State shall loan any of its funds to its officers or its employes, such loans shall be first submitted to the directors of such bank for their approval. Not more than one-fourth of the assets of any bank shall be loaned or invested in steam railroad bonds, and not more than one-tenth of the assets of any bank shall be invested in the bonds of any one railroad corporation described in paragraphs (d) or (e) of section twenty-seven, and not more than one-twentieth of such assets in the bonds of any company or corporation described in paragraphs (f), (g), or (h) of said section, and not more than one-tenth of the assets of any bank shall be loaned to any one person, corporation or firm on the collateral pledges described in paragraph (i) of same section. SEC. 67. There shall be a board of commissioners for the purpose of passing on the securities mentioned in paragraphs (f), (g) or (h) of section twenty-seven of this act, consisting of the Commissioner of the State Banking Department, who shall be chairman, the Attorney General and the State Treasurer of this State, who shall be members of this board during their respective terms of office, which board shall be known as the Securities Commission. It shall be the duty of this commission, whenever an issue of bonds, which shall come within the requirements of paragraphs (f) and (g) of section twenty-seven of this act, shall be presented to them, to examine into the financial conditions of the corporation issuing such bonds, and ascertain whether such issue is excessive as compared with the value of the property of such corporation, and if they shall find that such issue of bonds is not excessive and that they comply with the other requirements of said paragraph of said section, they shall so certify

steam railroad, etc., bonds.

Board of commissioners to pass on securities.

Personnel of commission.

Duties.

whom paid.

in a book to be kept in the State Banking Department for that purpose, and thereupon said banks may invest in such bonds. The actual expense of the commission in examining Expense, by the issues of bonds presented as aforesaid, shall be paid by the person or company applying to said commission to have such bonds certified as legal investment under said paragraphs of said section.

Approved April 21, 1919.

[No. 109.]

AN ACT to enable the board of education of cities having a population of two hundred and fifty thousand or over and comprising a single school district, to take the control and management of a college of medicine and surgery and give other courses of higher education.

The People of the State of Michigan enact:

Board of education,

granted.

SECTION 1. The board of education of cities having a population of two hundred and fifty thousand or over and com- authority prising a single school district may take the control and management of any college of medicine and surgery in the city and maintain and conduct the same.

instruction.

SEC. 2. In connection with said college it may give Courses of courses of instruction in dentistry, pharmacy, chemistry and other similar courses of higher instruction such as are commonly given in like institutions in the United States.

with hospital.

SEC. 3. It may make a contract with any hospital, either May contract within or without the city, to facilitate and promote the instruction given to the students of said college.

SEC. 4. It may combine the courses of said college of medicine and surgery with any other collegiate courses, it is, or may be authorized to give, and on their completion confer such degrees and grant such diplomas as are usually conferred and granted by other similar institutions in the United States.

Regular

collegiate courses.

diplomas.

SEC. 5. It shall have the right in connection with any col- Degrees and lege course, any university course, or any course in higher education, which it is or may be authorized to furnish, to confer honors and degrees and grant diplomas, conditioned upon attainments and completion of courses of instruction, equivalent in time, application and quality of study and instruction, to those commonly required in like institutions in the United States.

and conduct

SEC. 6. It shall have power in connection with any col- Discipline lege course, or any course in higher education, which it is or of students. may be authorized to furnish, to delegate to proper officers

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