Section amended. Mortgage, etc., loans, limit. Exception. [No. 49.] AN ACT to amend section twenty-three of act number two hundred five of the Public Acts of eighteen hundred eightyseven, entitled "An act to revise the laws authorizing the business of banking, and to establish a Banking Department for the supervision of such business," approved June twenty-one, eighteen hundred eighty-seven, being section six thousand one hundred twelve of the Compiled Laws of eighteen hundred ninety-seven, to permit the loaning of fifty per cent of the surplus of any commercial bank upon real estate mortgages. The People of the State of Michigan enact: SECTION 1. Section twenty-three 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," approved June twenty-one, eighteen hundred eighty-seven, being section six thousand one hundred twelve of the Compiled Laws of eighteen hundred ninety-seven, is hereby amended to read as follows: SEC. 23. Any bank which by its articles of incorporation shall designate its business as that of a commercial bank, shall have power to carry on the business of banking as prescribed and limited in this act, but it shall not lend to exceed fifty per cent of its capital stock and surplus upon mortgage or any other form of real estate security, and then only upon the adoption of a resolution by a two-thirds vote of the board of directors stating to what extent its officers may loan on real estate, as herein provided, except to secure a debt previously contracted in good faith on personal security deemed at the time adequate to secure such loan. Approved April 10, 1913. [No. 50.] AN ACT to amend section five of part one and to add one new section to act number ten of the Public Acts of the Legislature of the State of Michigan passed at the first Extra Session of the year nineteen hundred twelve, entitled "An act to promote the welfare of the people of this State, relating to the liability of employers for injuries or death sustained by their employes, providing compensation for the accidental injury to or death of employes and methods for the payment of the same, establishing an Industrial Accident Board, defining its powers, providing for a review of its awards, making an appropriation to carry out the provisions of this act, and restricting the right to compensation or damages in such cases to such as are provided by this act." The People of the State of Michigan enact: added. SECTION 1. Section five of part one of act number ten Sections of the Public Acts of the Legislature of the State of Michi- amended and gan, passed at the first Extra Session of the year nineteen hundred twelve, entitled "An act to promote the welfare of the people of this State, relating to the liability of employers for injuries or death sustained by their employes, providing compensation for the accidental injury to or death of employes and methods for the payment of the same, establishing an Industrial Accident Board, defining its powers, providing for a review of its awards, making an appropriation to carry out the provisions of this act, and restricting the right to compensation or damages in such cases to such as are provided by this act," is hereby amended, and one new section is hereby added to said act to stand as section twenty-three of part two of said act, said amended section and said new section to read as follows: SEC. 5. The following shall constitute employers subject Employers to the provisions of this act: 1. The State, and each county, city, township, incorporated village and school district therein, and each incorporated public board or public commission in this State authorized by law to hold property and to sue or be sued generally; 2. Every person, firm and private corporation, including any public service corporation, who has any person in service under any contract of hire, express or implied, oral or written, and who, at or prior to the time of the accident to the employe for which compensation under this act may be claimed, shall in the manner provided in the next section, have elected to become subject to the provisions of this act, and who shall not, prior to such accident, have effected a withdrawal of such election, in the manner provided in the next section. subject to this act. Compensation SEC. 23. All compensation paid or to be paid under this treated as op- act by any employer, being an incorporated public board, or erating expenses. public commission shall be treated as part of the necessary operating expenses thereof, and all sums and amounts of money required therefor may be embraced in any requisition authorized by law to be made upon any other public corporation, body or officer for moneys for the use of such employer in addition to all other sums authorized by law, or separate requisition therefor may be made in like manner; How paid, etc. and the same shall be allowed and paid to such employer in the same manner as other moneys are required to be allowed and paid for the use of such employer; or the same may be embraced in any report or requirement authorized by law to be made to or upon any other public corporation, or officer, of sums of money to be levied as taxes for the use of such employer, in addition to all other sums authorized by law, or separate report or requirement thereof may be made in like manner; and the same shall be levied, collected and paid as other amounts for taxes are required to be levied, collected and paid for the use of such employer. Approved April 10, 1913. Section amended. Ratable dividends, to make. [No. 51.] AN ACT to amend section fifty-seven of act number two hundred five of the Public Acts of eighteen hundred eightyseven, entitled "An act to revise the laws authorizing the business of banking, and to establish a Banking Department for the supervision of such business," being section six thousand one hundred forty-six of the Compiled Laws of eighteen hundred ninety-seven. The People of the State of Michigan enact; SECTION 1. Section fifty-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," being section six thousand one hundred forty-six of the Compiled Laws of eighteen hundred ninety-seven, is hereby amended to read as follows: SEC. 57. From time to time, under the direction of the when receiver Commissioner of the Banking Department, the receiver shall make ratable dividends of the moneys realized or collected by him on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and the remainder of the proceeds, if any, after the costs and expenses of such proceedings and all debts and obliga commissioner tions of the bank are satisfied, shall be paid over to the stockholders of such bank, or their legal representatives, in proportion to the stock by them respectively held: Provided, Proviso, however, That the Commissioner of the Banking Department may examine shall cause to be made an examination of the affairs and conditions of any such receivership before directing payment of any dividend or accepting final report, or at any other time he may deem an examination necessary. such examination shall be paid by the receiver at the rate expenses of of not to exceed ten dollars per day for the services of each examiner, and the actual expenses incurred while making the examination. Approved April 10, 1913. The expenses of Per diem examiners. [No. 52.] AN ACT to amend section sixty-one (a) of act number two hundred six of the Public Acts of eighteen hundred ninetythree, 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," as amended by act number two hundred thirty-four of the Public Acts of nineteen hundred five. The People of the State of Michigan enact: SECTION 1. Section sixty-one (a) of act number two hun- Section dred six of the Public Acts of eighteen hundred ninety-three, amended. 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 or parts of acts in anywise contravening any of the provisions of this act," as amended by act number two hundred thirty-four of the Public Acts of nineteen hundred five, is hereby amended to read as follows: When county treasurer to notify delinquent taxpayer. Form of notice. SEC. 61 (a). As soon as the Auditor General's petition, with a list of delinquent tax lands is filed with the register in chancery under the provisions of section sixty-one of this act and not less than thirty days before the date fixed for the annual tax sale, the county treasurer of each county in this State shall notify the owner or owners of each piece or parcel of land upon which taxes are then delinquent, and which are subject to sale at the next ensuing annual tax sale by mailing to the last known address of such owner or owners, a notice in substantially the form prescribed below. Said notice shall be sent to such owner or owners, directed to their last known postoffice address by registered mail with return receipt demanded, with postage fully prepaid thereon: Office of the County Treasurer of Sir: County, ... and will be You are hereby notified that the annual tax sale of lands for delinquent taxes of nineteen hundred prior years for the county of ..... made at the county treasurer's office of said county at the county seat of said county, on the nineteen hundred ... ... day of May, You appear to be the owner of the following descriptions of land upon which Amount of delinquent taxes unpaid for the year nineteen Very truly yours, County Treasurer. Printed forms, At the time the Auditor General forwards his petition to who to furnish. the register in chancery of each county, he shall also send to Proviso. the county treasurer of each county in this State, a sufficient number of printed forms to enable said county treasurer to notify the owners of all lands included in said petition in accordance with the provisions of this section. The cost of mailing the notices herein provided for shall be paid to the county treasurer out of the general or contingent fund of each county on allowance by the board of supervisors or board of county auditors: Provided, That failure to receive or serve such notice shall not invalidate the proceedings taken under the Auditor General's petition and decree of the circuit court, in foreclosure and sale of the lands for taxes. Approved April 10, 1913. |