Returns, by whom and to whom made. Proviso. relating to the establishment, opening, improvement and maintenance of highways and private roads, and the building, repairing and preservation of bridges within this State," approved June eight, eighteen hundred eighty-one, as subsequently amended, the same being compiler's section four thou sand one hundred seventy-one of the Compiled Laws of eighteen hundred ninety-seven, is hereby amended so as to read as follows: SEC. 5. The commissioner shall, between the first and fifteenth days of November in each year, call upon each overseer of his township for the purpose of procuring the returns mentioned in section twelve of this chapter, and shall, on or before the twentieth day of November, deposit the returns mentioned in the sixth subdivision of said section with the supervisor of his township, whose duty it shall be to cause the amount of all arrearages of labor, estimating the same at one dollar for each day, to be levied on any lands or other property returned as by said sixth subdivision and to be collected in the same manner that the contingent charges of the township are collected, and the same when collected shall be paid into the township treasury, and credited to the district in which the same accrued: Provided, That if the amount so paid into the township treasury exceed the sum of one hundred dollars for each mile of road in any one road district, such surplus shall be credited to the general highway fund of said township. Approved May 28, 1903. Section amended. [No. 164.] AN ACT to amend section thirty-four of act one hundred thirty-six of the session laws of eighteen hundred sixty-nine, entitled "An act relative to the organization and powers of fire and marine insurance companies transacting business within this State," being section seven thousand two hundred fifty-seven of the Compiled Laws of eighteen hundred ninetyseven, as amended by act number one hundred eighteen of the session laws of eighteen hundred ninety-nine. The People of the State of Michigan enact: SECTION 1. Section thirty-four of act one hundred thirty-six of the session laws of eighteen hundred sixty-nine, entitled, "An act relative to the organization and powers of fire and marine insurance companies transacting business within this State," being section seven thousand two hundred fifty-seven of the Compiled Laws of eighteen hundred ninety-seven, as amended by act number one hundred eighteen of the session laws of eighteen hundred ninety-nine, is hereby amended so as to read as follows: renew to pay. SEC. 34. Any fire insurance company, association or part- How may nership incorporated by or organized under the laws of any certificate. other State, or any foreign government doing business within this State, shall, as a condition precedent to the renewal of an annual certificate by the Commissioner of Insurance, make and file in the office of the State Treasurer, annually, in the month of January of each year, on oath or affirmation, a statement of the number of fire policies issued by its agents, and procured by or written for sub-agents, solicitors or brokers, upon property owned by residents of or situate in, the State of Michigan; also, a like statement of the marine insurance business transacted in the State of Michigan, and the gross amount of premiums received or secured thereon during the year then terminated; and shall pay into the hands of the Specific tax State Treasurer a specific tax of three per cent on the gross amount of all premiums received in money or securities during the said year, and in ascertaining the gross amount of all premiums received or secured, the return premiums on canceled policies shall be deducted, and shall not be included in the term "gross amount of premiums;" which said specific tax may be recovered from any company neglecting or refusing to pay the same in any court, at the suit of this State, and shall be and hereby is appropriated to the same uses and purposes as the specific tax on such corporation are or hereafter may be; and it shall be the duty of the State Treasurer to give his receipts for all moneys paid into the State treasury under the provisions of this act: Provided, however, That when, by the Proviso.' statutes or rulings of the insurance department of any State, a tax is laid or levied upon the amount of the gross receipts of premiums received upon any company organized under the laws of this State and doing business in such State, which amount of gross receipts shall include return premiums, then insurance companies from that State doing business in this State, shall be taxed upon the amount of gross receipts for premiums without excluding the cancelation: Provided, fur- Further ther, That all companies transacting any reinsurance business proviso. in any manner shall pay the above tax upon the original premium received by the reinsured company on that portion of the risk reinsured: Provided, however, Said reinsuring company may deduct from such premiums that portion of such premiums upon which the reinsured company has paid the above three per cent tax. Approved May 28, 1903. Section amended. To work, or pay road tax. Proviso. [No. 165.] AN ACT to amend section four of chapter three of act number two hundred forty-three of the session laws of eighteen hundred eighty-one, entitled "An act to revise and consolidate the laws relating to the establishment, opening, improvement and maintenance of highways and private roads, and the building, repairing and preservation of bridges within this State," approved June eighth, eighteen hundred eighty-one, as subsequently amended, the same being compiler's section four thousand eighty-nine of the Compiled Laws of eighteen hundred ninety-seven. The People of the State of Michigan enact: SECTION 1. Section four of chapter three of act number two hundred forty-three of the session laws of eighteen hundred eighty-one, entitled "An act to revise and consolidate the laws relating to the establishment, opening, improvement and maintenance of highways and private roads, and the building, repairing and preservation of bridges within this State," approved June eighth, eighteen hundred eighty-one, as subsequently amended, the same being compiler's section four thousand eighty-nine of the Compiled Laws of eighteen hundred ninety-seven, is hereby amended so as to read as follows: SEC. 4. Every person liable to work on the highways shall work the whole number of days for which he shall have been assessed, unless he shall elect to commute for the same, or some part thereof, and shall within the time in which he is required to appear and work, pay the commutation money, at the rate of one dollar for each day assessed, to the overseer of the district on which the labor is required to be performed, and the commutation shall not be considered as complete until such money is paid: Provided, That in districts in which the total amount of highway tax assessed shall exceed the sum of one hundred dollars for each mile of road in such district, the person assessed shall only be permitted to work his pro rata share of such one hundred dollars per mile, unless otherwise directed by the township board, and the balance of highway tax assessed shall be paid in the same manner as commutation Moneys, how money is paid. All moneys so paid shall be expended by the overseer so far as may be necessary, in the purchase of implements, or construction and repair of the roads and bridges in the same district, but no overseer shall be allowed to commute any portion of the time for which he is assessed, unless his tax shall exceed the number of days necessary for the faithful and efficient supervision by him of the highway work within his district, in which case he may commute for the excess: Provided, That in no case shall said overseer expend more than one hundred dollars for each mile of road in the construction and repair of roads and bridges in any one year unless otherwise directed by the township board, and any surplus remaining in his hands on the fifteenth day of November of each year shall expended. Proviso. be paid by him to the township treasurer, and credited to the general highway fund of the township: Provided further, That Further in no case shall said overseer expend more than fifteen dollars proviso. in any one year for implements. Approved May 28, 1903. [No. 166.] AN ACT to provide for the regulation of corporations, companies. partnerships, associations or firms, other than building and loan associations and life insurance companies, which issue, place or sell certificates, bonds, debentures. tontine contracts, or other investment securities of any kind or description on the partial payment or installment plan, prescribing the terms and conditions upon which such corporations, companies. partnerships, associations or firms shall be permitted to do business in this State. The People of the State of Michigan enact: certificates of SECTION 1. No corporation, company, partnership, associa- To secure tion or firm, other than building and loan associations and life authority. insurance companies, shall be permitted to place or sell certificates, bonds, debentures, tontine contracts, or other investment securities of any kind or description on the partial payment or installment plan until it shall procure a certificate of authority from the Secretary of State. To procure such certificate of authority, it shall be necessary for such corporation, company, partnership, association or firm to file with the Secretary of State a copy of the certificate, bond, debenture, tontine contract, or other investment contract being issued, or which is intended to be issued; also a copy of its by-laws or rules governing it, and of all printed matter issued, together with a sworn statement showing, in detail, its financial condition. state may SEC. 2. If the Secretary of State is satisfied that the business When of such corporation, company, partnership, association or firm secretary of is not in violation of law or public policy, and is safe, reliable issue. and entitled to public confidence, and if he shall approve the investment contracts hereinbefore named, he may issue a certificate of authority to such corporation, company, partnership, association or firm to transact business in this State. annually. SEC. 3. Once in each year, or oftener, if in the opinion of the To examine Secretary of State it shall be necessary, the Secretary of State shall make, or cause to be made, an examination into the affairs of every such corporation, company, partnership, association or firm doing business in this State. Such examination shall be To have full and complete, and in making the same the examiner shall books, etc. access to When may revoke certificate. Unlawful to sell certain contracts. Penalty for violation of act. What eom to act. have full access to, and may demand the production of, all books, securities, papers, moneys, etc., of the corporation, company, partnership, association or firm under examination, and may administer oaths to and examine any person connected therewith. If, upon such examination, it shall appear that such corporation, company, partnership, association or firm does not conduct its business in accordance with law, or that its affairs are in an unsound condition, or if such corporation, company, partnership association or firm refuses such examination to be made, the Secretary of State may revoke its certificate of authority to do business in this State. SEC. 4. It shall be unlawful for any such corporation, company, partnership. association or firm to issue or sell in this State any bonds, debentures, certificates, tontine contracts, or obligations of any kind whatsoever, which are by the terms thereof to be redeemed in numerical order, or in any arbitrary order of precedence without reference to the amount previously paid thereon by the holder thereof. SEC. 5. Any member, or representative of any such corporation, company, partnership, association or firm, who shall attempt to place or sell any certificates, debentures, tontine contracts, or other investment securities of any kind or description, or transact any business whatsoever in the name or on behalf of any such corporation, company, partnership, association or firm, not authorized to do business in this State, and which has failed or refused to comply with the provisions of this act or has violated any of the provisions of the preceding sections, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by imprisonment in the State prison for a period not to exceed two years, or in the county jail not to exceed one year, or by a fine of not less than two hundred dollars, nor more than one thousand dollars, or by both such fine and imprisonment in the discretion of the court. SEC. 6. Every corporation, company, partnership, associapanies subject tion or firm. other than building and loan associations and life insurance companies, at present transacting within this State the business designated in section one of this act, shall be subject to all the provisions of this act, and shall, within sixty days after the passage of this act, comply with all its require Fees to pay. ments. SEC. 7. Every such corporation, company, partnership, association or firm authorized to do business in this State shall be subject to and shall pay to the Secretary of State the following fees, which fees shall be paid into the State treasury, to wit: For filing any of the papers herein before named, one dollar; for making and certifying to copies of same, twenty cents per folio of one hundred words; for each certificate of authority, five dollars; for making the annual examination herein provided for, ten dollars per day and necessary expenses for the actual time employed in making such examination. |