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"Public corporations", etc., what deemed.

Condemnation.

entitled "An act to provide for the condemnation by state agencies and public corporations of private property for the use or benefit of the public, and to define the terms 'public corporations', 'state agencies' and 'private property' as used herein," being sections three hundred fifty-three and three hundred fifty-five of the compiled laws of nineteen hundred fifteen, are hereby amended to read as follows:

SEC. 1. The term "public corporations" as herein used shall include all counties, boards, commissions and agencies made corporations for the management and control of public business and property; and the term "state agencies" shall include all unincorporated boards, commissions and agencies of the state given by law the management and control of public business and property.

SEC. 3. Any public corporation or state agency is hereby authorized to take private property necessary for a public improvement or for the purposes of its incorporation or for public purposes within the scope of its powers for the use or benefit of the public and to institute and prosecute proceedings for that purpose.

Approved April 9, 1925.

Uniform system of accounts.

Publication of report.

[No. 38.]

AN ACT to require municipalities owning or operating public utilities to adopt and keep a uniform system of accounts, and to make and publish annual reports relating to the operation of each such utility, and to require the Michigan public utilities commission to prescribe the forms thereof.

The People of the State of Michigan enact:

SECTION 1. Every municipality owning or operating a public utility shall, beginning with the first day of January, nineteen hundred twenty-six, or should its fiscal year not coincide with the calendar year, then beginning with its first fiscal year thereafter, adopt, install, and thereafter keep a uniform system of accounts relating to its operation of each utility owned or operated by it. Every such municipality shall, thereafter, within sixty days after the close of each fiscal year, make and publish in some newspaper published and cir culating in such municipality, or, if no newspaper is pub lished in such municipality, then in some newspaper published and circulating in the same or in an adjoining county, a report in detail of its operation of each such utility. It is hereby made the duty of the Michigan public utilities commission to prescribe the form of accounts and of the annual reports required by this act, which shall, so far as applicable, conform to the system of accounts required to be kept, and reports to be made by privately owned utilities.

Approved April 9, 1925.

[No. 39.]

AN ACT to amend act number two hundred sixty-four of the public acts of nineteen hundred seventeen, entitled "An act to provide for the lighting by artificial means of the highways in unincorporated villages by the township board and to provide for the payment of the expense so incurred", as last amended by act number sixty-nine of the public acts of nineteen hundred twenty-three, by adding thereto three new sections to be known as sections three, four and five.

The People of the State of Michigan enact:

SECTION 1. Act number two hundred sixty-four of the pub- Act lic acts of nineteen hundred seventeen, entitled "An act to amended. provide for the lighting by artificial means of the highways in unincorporated villages by the township board and to provide for the payment of the expense so incurred", as last amended by act number sixty-nine of the public acts of nineteen hundred twenty-three, is hereby amended by adding there- Sections to three new sections to be known as sections three, four and added. five, said added sections to read as follows:

how expense defrayed.

SEC. 3. The township board or boards mentioned in section Lighting, one hereof may either on its or their own motion, or upon petitions signed by not less than ten freeholders in the district to be lighted, order the expenses for lighting such highways to be defrayed by a special assessment on all the taxable lands and premises in the territory described in such petition or order of the township board. A part of such ex- How penses may be paid by the township at large and the balance assessed. assessed against the lands and premises in said district. The township board shall thereafter estimate the cost and expense of such lighting system and fix a day for hearing on the question of creating such a district and defraying the expenses thereof by special assessment. A notice stating the time, place Notice and purpose of such meeting shall be published in a news- of meeting. paper of general circulation in the district. If there be no such newspaper circulated therein, then notices shall be posted in at least three of the most public places in said district. It shall be published or posted at least five days before the date of hearing. On the day appointed for the hearing, the board shall be in session from at least ten a. m. to four p. m. to hear any objections which may be offered against creating the district.

for.

SEC. 4. If the board shall determine to create such a dis- Special trict, they shall determine the boundaries thereof by resolu- assessment tion and direct the supervisor to make a special assessment upon all of the lands and premises therein subject to taxation to defray the expenses of lighting the highways or to defray that portion of the expenses to be assessed against the district. The board shall thereafter annually determine the amount to be assessed in said district for lighting the streets and

How made.

Rescinding action.

highways and shall direct the supervisor or assessor to levy such amount therein. Such assessment may be made either in a special assessment roll or in a column provided therefor in the regular tax roll. The assessment shall be spread and become due and be collected at the same time as the other township taxes are assessed, levied and collected and shall be returned in the same manner for non-payment.

SEC. 5. Any district which has been lighting its streets or highways under the provisions of this act may be relieved therefrom by action of the township board on its own motion or by a petition to the township board as provided in section. three.

Approved April 9, 1925.

Section amended.

Petition, what to state.

[No. 40.]

AN ACT to amend section three of act number two hundred seventy-eight of the public acts of nineteen hundred nine, entitled "An act to provide for the incorporation of villages and for revising and amending their charters", being section two thousand eight hundred forty-five of the compiled laws of nineteen hundred fifteen, as amended by act number two hundred fifty-six of the public acts of nineteen hundred nineteen.

The People of the State of Michigan enact:

SECTION 1. Section three of act number two hundred seventy-eight of the public acts of nineteen hundred nine, entitled "An act to provide for the incorporation of villages and for revising and amending their charters", being section two thousand eight hundred forty-five of the compiled laws of nineteen hundred fifteen, as amended by act number two hundred fifty-six of the public acts of nineteen hundred nineteen, is hereby amended to read as follows:

SEC. 3. Said petition shall accurately describe the proposed boundaries of the village or of the territory to be annexed thereto or detached therefrom and if the purpose is to incorporate a new village, it shall represent that the territory described contains not less than two hundred and twentyfive inhabitants and an average of not less than one hundred inhabitants per square mile.

Approved April 9, 1925.

[No. 41.]

AN ACT to authorize rural agricultural school districts to borrow money and issue bonds therefor.

The People of the State of Michigan enact:

bonds.

SECTION 1. Any rural agricultural school district organ- May issue ized under act number two hundred twenty-six of the public acts of nineteen hundred seventeen, as amended, shall have authority to borrow money and issue bonds therefor as prescribed in chapter six of act number one hundred sixty-four of the public acts of eighteen hundred eighty-one, as amended, being sections five thousand seven hundred twelve to five thousand seven hundred fifteen, inclusive, of the compiled laws of nineteen hundred fifteen, as amended, and the provi- Provisions sions and limitations of act number one hundred fifty of the inapplipublic acts of nineteen hundred fifteen, being section five thousand eight hundred sixty-five of the compiled laws of nineteen hundred fifteen, as amended, shall not apply to or affect any such rural agricultural school district. This act is ordered to take immediate effect. Approved April 9, 1925.

cable.

[No. 42.]

AN ACT to amend sections one and thirty-eight of article two of act number one hundred ninety-eight of the public acts of eighteen hundred seventy-three, as amended, entitled "An act to revise the laws providing for the incorporation of the railroad bridge and tunnel companies and to regulate the running and management and to fix the duties and liabilities of all railroad, bridge, tunnel and other corporation owning or operating any railroad, bridge or tunnel within this state," being sections eight thousand two hundred thirty-five and eight thousand two hundred seventy-two of the compiled laws of nineteen hundred fif teen.

The People of the State of Michigan enact:

amended.

SECTION 1. Sections one and thirty-eight of article two of Sections act number one hundred ninety-eight of the public acts of eighteen hundred seventy-three, as amended, entitled "An act to revise the laws providing for the incorporation of the railroad bridge and tunnel companies and to regulate the running and management and to fix the duties and liabilities of all railroad, bridge, tunnel and other corporation owning

Corporate powers, where vested.

Unissued

capital stock, disposition

of.

Quorum.

May issue bonds.

or operating any railroad, bridge or tunnel within this state," being sections eight thousand two hundred thirty-five and eight thousand two hundred seventy-two of the compiled laws of nineteen hundred fifteen, are hereby amended to read as follows:

SEC. 1. All of the corporate powers of any such corporation shall be and are hereby vested in the board of directors, except as may be herein otherwise provided. No person except a stockholder shall be a director of said corporation, and no stockholder shall be entitled to vote for directors, or for any other purpose, who shall be in arrears in the payment of any assessment made on his subscription to stock. The president of said corporation shall be elected by the directors from their own number. The board of directors are hereby authorized, upon such terms and restrictions as they shall impose, to provide by by-laws for the disposition of its unissued capital stock, and may provide and carry out a plan for the issue of any or all of its unissued stock to employes of the corporation, or to employes of subsidiary corporations who may desire to subscribe therefor, or to a trustee on their behalf, and for the payment for such stock in installments or at one time, and for the establishment of a special fund or funds in which employes purchasing stock pursuant to such plan and continuing in the ownership thereof and in the employment of the corporation during a definite period of time may be privileged to share upon such terms and conditions as may be imposed in respect thereof, and may provide for the election or appointment of agents or employes of said company, and may require of them security for the faithful performance of their duties, and for the general management of the business and affairs of said company. At all elections for directors and meetings of stockholders, each stockholder shall be entitled to cast, in person or by proxy, one vote upon each share of stock owned or held by him for ten days previous to such election or meeting, and a majority of all votes cast shall be requisite to an election, or for the determination of any question voted upon. A majority of the directors shall constitute a quorum for the transaction of business by the board of directors. In case of any vacancy in the board of directors, such vacancy may be filled by the remaining directors until the next election of directors.

SEC. 38. All companies organized under this act shall have power, from time to time, to borrow such sums of money as may be necessary for completing, finishing, equipping or operating their road, bridge or tunnel, or any part thereof, or for paying any indebtedness necessarily incurred for completing, finishing, or operating their road, bridge or tunnel, or any part thereof; and to issue and dispose of their bonds. or obligations for any amount necessarily borrowed for such purpose, for such sums and for such rate of interest, not exceeding ten per cent, as they may deem advisable, and to mortgage their corporate property and franchises and the in

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