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AN ACT to amend 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, the same being chapter one hundred sixty-one of the Compiled Laws of eighteen hundred ninetyseven, by adding one new section thereto to stand as section forty-two.
The People of the State of Michigan enact: SECTION 1. Act number two hundred five of the public Section 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, is hereby amended by adding thereto one new section to stand as section forty-two and to read as follows:
SEC. 42. Whenever it shall appear from the report of any Impairment bank, or the commissioner shall have reason to believe that capital. the capital of any bank is impaired or reduced below the amount required by law, it shall be the duty of the commissioner and he shall have the power to examine the said bauk and ascertain the facts, and in case he finds such impairment or reduction of capital he shall require such bank to make good the deficiency so appearing within sixty days after the date of such requisition. The directors of every such bank Assessment. upon which such requisition shall have been made, shall levy an assessment upon the stock thereof to repair such deficiency, and shall cause notice of such requisition to be given to each Notice, how stockholder of the bank and of the amount of the assessment which he must pay for the purpose of making good such deficiency, by a written or printed notice mailed to such stockholder at his last known place of residence or served personally upon him. If any stockholder shall refuse or neglect to Sale of stock. pay the assessment specified in such notice within thirty days
Proviso. private sale.
from the date of mailing or serving such notice as aforesaid, the directors of such bank shall have the right to sell to the highest bidder at public auction the stock of such stock holder, after giving a previous notice of such sale for ten days in a newspaper of general circulation published in the county where the office of such company is located, and a copy of such notice of sale shall also be served on the owner of such stock by being served personally on him or by mailing to his last known place of residence ten days before such sale; or such stock may be sold at private sale and without such public notice: Provided, however, That before making such' private sale thereof an offer in writing shall first be obained and a copy thereof served upon the owner of record vi the stock sought to be sold, either personally or by mailing a copy of such offer to his said place of residence; and if, after service of such offer, such owner shall still refuse or neglect to pay such assessment within two weeks from the time of the service of such offer, the said directors may accept such offer and sell such stock to the person making such offer, or to any other person or persons making a larger offer than the amount named in the offer submitted to the stockholder; but such stock shall in no event be sold for a smaller sum than the valuation put on it by the commissioner in his determination and requisition as to said assessment, nor for less than the annount of the said assessment so called for and the expense of sale. Out of the avails of the stock so sold the directors shall pay the necessary costs of sale and the amount of assessment called thereon, and the balance if any shall be paid to the person or persons whose stock has thus been sold. A sale of stock as herein provided shall effect an absolute cancellation of the outstanding certificate or certificates evidencing the stock so sold, and shall make same null and void, and a new certificate shall be issued by the bank to the purchaser thereof.
Approved February 21, 1911.
Proceeds, disposal of.
Stock, cancellation of
AN ACT to amend act number two hundred fifty-five of the
public acts of eighteen hundred ninety-nine, entitled “An act to prevent trusts, monopolies and combinations of capital, skill or arts, to create or carry out restriction in trade or commerce; to limit or reduce the production, or increase or reduce the price of merchandise or any commodity; to prevent competition in manufacturing, making, transportation, sale or purchase of merchandise, produce or any commodity; to fix at any standard or figure, whereby its price to the public or consumer shall be in any manner controlled or established, any article or commodity of merchandise, produce or commerce intended for sale, barter, use or consumption," approved June twenty-three, eighteen hundred ninety-nine, by inserting after section eleven thereof a new section to stand as section eleven (a.)
The People of the State of Michigan enact: SECTION 1. Act number two hundred fifty-five of the public Act amended. acts of eighteen hundred ninety-nine, approved June twentythree, eighteen hundred ninety-nine, entitled "An act to prevent trusts, monopolies and combinations of capital, skill or arts, to create or carry out restriction in trade or commerce; to limit or reduce the production, or increase or reduce the price of merchandise or any commodity; to prevent competition in manufacturing, making, transportation, sale or purchase of merchandise, produce or any commodity; to fix at any standard or figure, whereby its price to the public or consumer shall be in any manner controlled or established, any article or commodity of merchandise, produce or commerce intended for sale, barter, use or consumption," is hereby amended by inserting therein after section eleven a new section to stand as section eleven (a) and to read as follows:
SEC. 11a. No person shall be excused from attending and Testimony. testifying, or from producing books, papers, contracts, agreements and documents in any cause, suit or proceeding, civil, criminal or otherwise, based upon or growing out of any alleged violation of any of the provisions of this act, or of any act amendatory or declaratory hereof, or supplemental hereto, in any court of competent jurisdiction, on the ground or for the reason that the testimony or evidence, documentary or otherwise, required of him, may tend to criminate him or subject bim to fine, punishment, penalty or forfeiture. The at. Enforcement. tendance and testimony of such persons in such cases and the production of such books, papers, contracts, agreements and documents, may be enforced in the same manner as in any other cause, suit or proceeding. But no person shall be prose- Immunity. cuted or subjected to any fine, imprisonment, penalty or forfeiture for or on account of any matter or thing concerning which he may testify, or produce evidence, documentary or otherwise, in any such case, suit or proceeding. No testimony so given by him shall in any prosecution be used as evidence, either directly or indirectly, against him: Provided, Proviso. That immunity shall extend only to a natural person who in obedience to a subpoena gives testimony under oath, or produces evidence, documentary or otherwise, under oath: Pro. Further vided further, That no person so testifying shall be exempt perjury: from prosecution and punishment for perjury committed in so testifying.
Approved February 25, 1911.
AN ACT to cure irregularities in proceedings in cities for the
issuing of bonds for filtration plants and water extension mains.
Bond issues heretofore submitted.
The People of the State of Michigan enact: SECTION 1. Whenever the common council of any city shall have heretofore submitted to the electors thereof the question of issuing bonds for the extension of its water mains or for securing a site and establishing and constructing a rapid sand filtration plant or other filtration plant, such bonds to run for a period of twenty years with interest not to exceed five per centum per annum payable semi-annually, and an election has been held thereon after due notice given, and a majority of the legal electors voting thereon has voted in favor of issuing said bonds, as appears from the regular and legal canvass taken of such votes, such proceedings shall be held valid and authority for the legislative body of any such city to execute or cause to be executed and sold the bonds voted as aforesaid, notwithstanding the charter of such city provided that before action of the common council and the submission of the question of issuing such bonds to the electors, the board of public works of such city deeming the work called for by the issuing of bonds necessary, shall communicate its determination to the common council of such city and its reasons therefor with the general plan of work, and prepare an estimate of the cost thereof. In the event of the submission of the question of issuing such bonds by the common council of any city and a majority of the electors having voted thereon in favor of the issue and sale of said bonds, the failure to make said preliminary report to the common council by said board of public works shall be and hereby is cured, and all bonds that may have been issued or that may hereafter be issued by the common council of any such city, based upon the above described proceedings, shall be valid to all intents and purposes and binding obligations upon the city issuing the same.
SEC. 2. It is hereby declared that this act is necessary for the protection of the public health.
This act is ordered to take immediate effect.