All May contract. piled laws of nineteen hundred fifteen, as amended. such corporations shall have full power and authority to enter into any and all contracts with any person, firm or corporation in this or any other state or country which may be necessary for the carrying out of the purposes for which said corporation shall have been organized. Any stock corporation may issue its authorized capital stock in payment for any real estate or personal property so purchased, to the amount of the value thereof, and the capital stock so issued shall be deemed full-paid stock, and not liable to any further call, neither shall the holder thereof be liable for any further payment except the liability imposed by section ten of chapter three of part two hereof; and in the absence of actual fraud in the transaction the judgment of the directors of the corporation as to the value of the property shall be conclusive. Within ten days after any corporation shall issue any of its capital stock in payment for property it shall file a sworn schedule of such property with the secretary of state similar to that required by section two of the next succeeding chapter hereof Provided, however, That any corporation may issue Proviso. part-paid stock in payment of property conveyed to it, in which case the articles, and any certificate or statement required by this act to be filed with the secretary of state with reference to the value of the property so conveyed, shall clearly state the number of shares so issued and the amounts credited upon such shares as partial payments thereon, in addition to the other statements with respect to such property's cash value; and such shares, so issued, shall be subject to such further call for the balance due thereon, as may become necessary to the corporation or to its creditors as in other cases. Approved May 6, 1925. [No. 233.] AN ACT to provide punishment for the removal of automobiles, auto-trucks or other automotive vehicles under chattel mortgage or acquired under a conditional sales contract or property note from the state, without the consent of the mortgagee or of the vendor in the conditional sales contract or property note. The People of the State of Michigan enact: motor SECTION 1. That if any person who shall have made or ex- Unlawful reecuted any mortgage or instrument in writing intended to moval of operate as a mortgage of any automobile, auto-truck or other vehicle. automotive vehicle shall remove such automobile, auto-truck or other automotive vehicle so mortgaged from the state, Penalty. Felony, what deemed. Penalty. without fully paying and satisfying said mortgage, and who This act is ordered to take immediate effect. Port districts authorized. [No. 234.] AN ACT authorizing the establishment of port districts; providing for the acquirement, construction, maintenance, operation, development, and regulation of a system of harbor improvements and rail and water transfer, and terminal facilities, within such districts, and providing the method of payment therefor. The People of the State of Michigan enact: SECTION 1. Port districts are hereby authorized to be established and maintained in the various counties or parts thereof, of this state, as in this act provided, including the acquirement, construction, maintenance, operation, development, and regulation of a system of harbor improvements and railroad and water transfer and terminal facilities within such districts. referendum. SEC. 2. At any general election or at any special election Petition for which may be called for that purpose, the board of county supervisors of any county in this state, may or on petition of ten per cent of the qualified electors of such county based on the total vote cast in the last county election shall, by resolution, submit to the voters of such county the proposition of creating a port district which will be coextensive with the limits of such county as now or hereafter established. Such petition shall be filed with the county clerk, who shall, Where filed. within fifteen days, examine the signatures thereof and certify to the sufficiency or insufficiency thereof, and for such purpose the county clerk shall have access to all registration books in the possession of the officers of any incorporated city or town in such proposed port district. SEC. 3. If such petition be found to be insufficient, it shall when insufbe returned to the person or persons filing the same, who ficient. may, within ten days thereafter, amend or add names thereto, when the same shall be returned to the county clerk who shall have an additional fifteen days to examine the same and attach his certificate thereto. No person having signed such petition shall be allowed to withdraw his name therefrom after the filing of the same with the county clerk. Whenever such petition shall be certified to as sufficient, the county clerk shall forthwith transmit the same, together with his certificate of sufficiency attached thereto, to the board of county supervisors, who shall submit such proposition at the next general election, or if such petition so requests, the board of county supervisors shall at their first meeting after the date of such certificate, by resolution call a special election to be held not less than thirty days nor more than sixty days from the date of such certificate. what to SEC. 4. The notice of the election shall state the boundaries Notice of of the proposed port district and the object of such election. election, In submitting the said question to the voters for their ap state. proval or rejection, the proposition shall be expressed on said ballot substantially in the following terms: "Port of..... Yes" (giving the name of the principal port city within such proposed port district, or if there be more than one city within such district, such name as may be determined by the board of county supervisors). "Port of... . . . .., No" (giving the name of the principal port city within such proposed port district, or if there be more than one city of the same class within such district, such name as may be determined by the board of county supervisors). SEC. 5. Any petition for the formation of a port district Hearing on may describe a district of less area than the county in which petition. said petition is filed, and in such event the county supervisors shall fix a date for hearing on such petition and publish a notice of such hearing each day for two weeks previous thereto, in a newspaper of general circulation in such county, after Comprising more than one county. Proviso. Further proviso. Canvass of election. Proviso. Expense of to pay. which hearing the county supervisors may increase or diminish the boundaries of such proposed port district and thereafter the same procedure shall be followed as is prescribed in this act for the formation of a port district coextensive with a county, except that the petition and election shall be confined solely to the lesser port district. SEC. 6. A port district may be comprised of more than one county or parts of more than one county if the electors in such counties or portions thereof so elect, and the same procedure shall be followed as is prescribed in this act for the formation of a port district coextensive with a county, except that the board of county supervisors of the respective counties composing the proposed district shall each act in the submission of the proposition and have charge of the elections in their respective counties: Provided, That no lesser port district shall ever be created within the limits in whole or in part of any port district: Provided further, That no port district shall consist of more than five contiguous counties. SEC. 7. Within five days after such election the board of supervisors shall canvass the returns and if at such election three-fifths of the voters voting upon such proposition shall vote in favor of the formation of such district, the board of county supervisors shall so declare in its canvass of the returns of such election and such voting district shall then be and become a municipal corporation of the state of Michigan and the name of such port district shall be "Port of .... (inserting the name appearing on the ballot): Provided, That no city, village or township shall become a part of such port district without the approval thereof by a majority vote of the electors thereof or of the territory of such city, village or township comprised within such district voting on such question. SEC. 8. All the expenses of elections for the formation of election, who such port districts shall be paid by the county or counties holding election, and such expenditure is hereby declared to be for county purposes, and the money paid out for such purpose shall be repaid to such county or counties by the port district, if formed. Port commission, appointment, etc. SEC. 9. The control and management of the port district shall be exercised through a port commission consisting of three members who shall be appointed by the governor, no more than two of whom shall be members of the same political party. The terms of office of the persons appointed by thẻ governor shall be so arranged and designated at the time of their appointment that the term of one member shall expire in three years, one in two years, and one in one year, from the first day of July following the appointment. Annually thereafter the governor shall appoint one member to serve for three years as the term of any member appointed by him shall expire; any vacancy occurring among the commissioners shall be filled for the unexpired term by the governor. SEC. 10. In all cases a member shall continue to serve until Quorum. his successor is appointed and qualified. A majority of the persons holding the office of port commissioner at any time shall constitute a quorum for the transaction of business and the concurrence of the majority of the persons holding such office at the time shall be necessary and shall be sufficient for the passage of any resolution, but no business shall be transacted unless there are in office at least a majority of the full number of commissioners fixed by law: Provided, That no Proviso, person shall be eligible to hold the office of port commissioner eligibility. unless he is a qualified voter, a freeholder within such port district, and is and has been a resident therein for a period of three years. A vacancy in the office of port commissioner may occur by death, resignation, or removal, as hereinafter provided, conviction of a felony, by any statutory disqualifi cation or by any permanent disability preventing the proper discharge of his duties. The governor may remove any port Removal. commissioner for habitual misconduct, misfeasance, habitual or wilful neglect of duty, or when he shall be satisfied that such officer is incompetent, to properly execute the duties of his office. Each commissioner shall, within twenty days after he shall receive notice of his appointment, qualify by taking and subscribing the constitutional oath of office. ositions. SEC. 11. At any general election in the port district, elec- when may tions may be held for the submission of propositions at such submit proptimes and for such purposes as the port commission may by resolution prescribe subject to the limitations and pursuant to the requirements of this act. The general election laws of the state for county elections shall govern the conduct of such elections and the qualifications of electors. tion of com SEC. 12. All port commissioners shall serve without com Compensapensation: Provided, That the question of whether port com- missioners. missioners in port districts having a population of two hundred thousand or more inhabitants shall receive compensation shall be submitted at the first general election after the organization of any such port district. But if such proposition shall fail to receive the approval of the majority of those voting thereon, compensation shall not be paid unless the same be favorably voted upon at some succeeding election. demn, etc., SEC. 13. Each port commission shall have power to acquire May conby purchase or condemnation, or both, all lands, property, property. property rights, leases, or easements necessary for the purposes of the port districts and to exercise domain in the acquirement or damaging of all land, property, property rights, leases or easements, and such rights shall be exercised in the same manner and by the same procedure as is and may be provided by law for the taking of private property by the board of county supervisors in this state, except insofar as such may be inconsistent with the provisions of this act, and the duties devolving upon the county treasurer under such law shall be and the same are hereby imposed upon the county treasurer |