Seal. Directors and officers. By-laws. Loans, etc. Notes, sale, etc., of. Loans, charges for. First, To adopt and use a corporate seal; Second, To have succession for the period of years named in the articles of incorporation; Third, To make contracts; Fourth, To sue and be sued in any court of law or equity as fully as natural persons; Fifth, To elect or appoint directors, who shall choose from their members a president and one or more vice-presidents and shall have power to appoint and employ a cashier or treasurer and other officers, define their duties, require bonds from any such officers and clerks, dismiss such officers so elected or appointed, or any of them, at pleasure and elect or appoint others to fill their places, and the board of directors shall require every officer and every clerk concerned in the handling of moneys, accounts and securities of the bank to be bonded either by a surety company authorized to do business in the state of Michigan or by a personal bond in such an amount as shall be determined by the board of di rectors. When the bank is organized by individuals, the first board of directors shall be elected at the first stockholders' meeting held after the filing of articles of incorporation and directors shall be elected thereafter at the annual stockholders' meetings to be held the second Tuesday in January of each year. When the bank is organized by a voluntary association, the directors thereof shall in the first instance be named in the articles of the association, and thereafter they shall be elected at the annual meeting of the association by a majority vote of those present; Sixth, To prescribe by its board of directors by-laws not inconsistent with law regulating the manner in which its stock shall be transferred, its directors and officers elected or appointed, its stockholders convened for special meetings, its property transferred, its general business conducted and the privileges granted to it by law exercised and enjoyed; Seventh, To loan money and to deduct interest therefor in advance at the rate of seven per centum per annum, or less, and in addition to receive uniform weekly or monthly installments on its certificates of investment purchased by the borrower simultaneously with the said loan transaction, or otherwise, with or without an allowance of interest on such installments; Eighth, To sell, discount or negotiate notes, certificates of investment and choses in action for the payment of money at any time, either fixed or uncertain, and to receive payments therefor in installments or otherwise with or without an allowance of interest upon such installments; Ninth, To charge for a loan made pursuant to this section, one dollar for each fifty dollars or fraction thereof loaned for expenses, including any examination or investigation of the character and circumstances of the borrower, comaker or surety and the drawing and taking acknowledgment of necessary papers or other expenses incurred in making the loan; no charge shall be collected unless a loan shall have been made and in no case shall such charge exceed fifteen dollars; Tenth, To exercise by its board of directors or duly authorized officers or agents, subject to law, all such powers as shall be necessary or appropriate to carry on the business of such industrial bank; Eleventh, To establish branch offices or places of business Branch within the city or village in which its principal office is offices. located, but not elsewhere. Approved May 10, 1921. [No. 135.] AN ACT to amend act number one hundred fifty-seven of the Laws of Michigan of eighteen hundred sixty-seven, entitled "An act to define and limit the amount of money which may be granted and voted by the qualified electors of townships, for the purpose of erecting town halls or other buildings for the public use of the inhabitants thereof," being sections two thousand forty-nine to two thousand fifty-six, inclusive, of the Compiled Laws of nineteen hundred fifteen, by adding thereto a new section to stand as section two. The People of the State of Michigan enact: amended. SECTION 1. That act number one hundred fifty-seven of Act the Laws of Michigan of eighteen hundred sixty-seven, entitled "An act to define and limit the amount of money which may be granted and voted by the qualified electors of townships for the purpose of erecting town halls or other buildings for the public use of the inhabitants thereof," being sections two thousand forty-nine to two thousand fifty-six, inclusive, of the Compiled Laws of nineteen hundred fifteen, be and is hereby amended by adding thereto a new section to stand as section two and to read as follows: action. SEC. 2. In case the township board in any township where May rescind a tax has been levied and collected as provided in the preceding section deems it unwise for any reason to erect a town hall or such other building for which such tax was levied, a vote may be taken of the qualified electors of the township in the same manner as provided in the preceding section and the question submitted to the qualified electors whether the tax levy so raised shall be appropriated to the redemption of township highway bonds or to the purpose of township highway construction in the manner as provided in the general highway laws. If the majority of the qualified electors shall vote in favor of the proposition of appropriating said money so levied to the redemption of township highway bonds or to the purpose of highway construction as aforesaid, then the moneys so levied shall be expended for such purpose and not for the original purpose of erection of town hall or other building. Approved May 10, 1921. May accept gifts, etc. May sell, etc., prop erty. [No. 136.] AN ACT to authorize and facilitate the acquisition and disposal of public library property by public corporations empowered to maintain public libraries. The People of the State of Michigan enact: SECTION 1. Any board of education, library commission or other public corporation empowered to maintain a public library may receive and accept gifts and donations of property, real or personal, for the purpose of such library and shall hold, use and apply the property so received for the purposes set forth in the instrument of gift and in accordance with the provisions of such instrument and subject to the conditions and limitations, if any, therein expressed. SEC. 2. Whenever any property, real or personal, now or hereafter held and used for the purpose of a public library by any board of education, library commission or other public corporation shall, in the judgment of such corporation, be no longer needed for such purpose, such property may be sold and disposed of by such corporation unless such sale and disposal be inconsistent with the terms and conditions upon which such property was acquired, at such price and upon such terms and conditions as said corporation may deem proper, and the proceeds thereof shall by said corporation be used and applied for the purpose of such library. Approved May 10, 1921. [No. 137.] AN ACT authorizing and empowering counties of this state to contract with agencies, institutions and hospitals licensed by the State Board of Corrections and Charities for the aid, care, support, maintenance, treatment, cure or relief of children. The People of the State of Michigan enact: of poor, etc., children. SECTION 1. It shall be lawful for and the several boards of May contract for care, etc., supervisors shall have full power and authority to enter into an agreement or agreements for a period not exceeding one year with any agency, institution or hospital, or agencies, institutions or hospitals which have been and are for the current year duly licensed by the State Board of Corrections and Charities to receive aid, care for, support, maintain, treat, cure or relieve in or by such agency, institution or hospital, any poor, sick, distressed, abandoned, needy or crippled child or children resident within said county who may be referred to such agency, institution or hospital by the probate judge of said county in accordance with the provisions of this act, whether such aid, care, support, maintenance, treatment, cure or relief is furnished wholly or in part by such agency, institution or hospital, and the proper charges therefor under said contract or contracts shall be audited and paid from time to time by the board of auditors, or by the board of supervisors of the county in counties not having a board of auditors: Provided, however, That every board of supervisors Proviso. prior to the making of such contract or contracts shall fix the maximum amount to be expended for the purposes herein set forth during any one year, which sum shall be raised, levied and collected as part of the general expense of the county. SEC. 2. No contract or agreement entered into under the Approval. provisions of this act shall have any binding force until the same shall have been approved by the State Board of Corrections and Charities. SEC. 3. Whenever a board of supervisors shall have en- Duty of tered into any contract described by the provisions of this judge of probate. act with any such agency, institution or hospital for the care, relief, maintenance, treatment or support of a child or children the probate judge of said county shall have authority and it shall be his duty to refer to the proper agency, institution or hospital with which such contract shall have been made, such poor, sick, distressed, abandoned, needy, or crippled child or children, resident in said county as shall have been provided for by the appropriations made for the purpose in accordance with the provisions of this act. SEC. 4. Should the license of any such agency, institution When conor hospital with which such contract shall have been made feited. tract for be at any time forfeited for any reason, then any contract or contracts existing and unperformed between such agency, institution or hospital and any board of supervisors shall cease, and be null and void. SEC. 5. This act shall not be considered to repeal any of the existing power of the probate court or the judge thereof under the existing law. Approved May 10, 1921. [No. 138.] AN ACT to promote the establishing of deep-water connec tions between the great lakes and the Atlantic ocean, to provide for a commission to carry out the object hereof, to make an appropriation for expenses incurred hereunder, and to provide a tax to meet the same. The People of the State of Michigan enact: SECTION 1. There is hereby created a commission consisting of seven members to be known and designated as "The Great Lakes Tide-water Commission," the members of which shall be appointed as hereinafter provided, for the purpose of investigating the feasibility of establishing deepwater connections between the great lakes and the Atlantic ocean, so as to permit the passage of ocean-going vessels from ports on the great lakes to the waters of said ocean. Said commission is hereby authorized and empowered to cooperate with similar commissions or bodies representing other states and working to the attainment of the object hereby contemplated. Such commission shall be deemed to be the successor of the commission appointed under authority of act number seventeen of the Public Acts of nineteen hundred nineteen, extra session, and it shall be the duty of the commission created by such act to turn over to the commission herein created all of the books, records, minutes of meetings, correspondence and other property in their possession or in the possession of any officer thereof for the use and guidance of the commission hereby created. SEC. 2. On or after June thirty, nineteen hundred twentyone, the Governor shall appoint said commission and a secretary of said commission, who shall be a member thereof. The secretary shall keep the minutes of the meetings of the commission, and the other records pertaining thereto, and shall maintain his office at the city of Lansing. All members of the commission, including the secretary, shall serve without compensation, but necessary clerical assistance may be employed by the commission, and all members of the |