etc., com Eighth, (a) Any stock, fire or casualty insurance company When stock, may purchase such stocks, bonds or other evidence of indebted- pany may ness of solvent dividend-paying corporations, except insurance purchase. companies, as its board of directors or a committee of such board, entrusted by it with the investment of such company's funds, in the exercise of its judgment may deem proper, and such company may also lend its funds with such securities as collateral but no loan shall be made of more than ninety per cent of the fair market value thereof; and such company may hold such stocks so purchased and such loans so made as an investment; surance (b) Any stock, fire or casualty insurance company shall, Stock of with the consent of the commissioner of insurance, have the solvent inpower to purchase, in an amount not to exceed one-tenth of its company. assets, the whole or any part of the shares of stock of any solvent insurance company except the stock of life insurance companies organized under the laws of this, or any other state, and hold the same as an investment: Provided, That Proviso. no funds of any such company shall be invested in or loaned on its own stock: Provided further, That the commissioner of Further insurance in determining the condition of any such company proviso. purchasing, or lending on the securities referred to in paragraphs (a) and (b) hereof, shall not allow the funds, so employed and invested, as and for an asset at more than the actual value, as ascertained in the manner approved by him: Provided further, That no purchase of or loan on such securi- Further ties shall be made when the total holdings by such company proviso. of such securities shall exceed the surplus funds of such company over and above its capital and the reserves required by law, or when the proposed investment would cause the total of such holdings to exceed such surplus: Provided further, Further That if at any time it shall appear to the commissioner of insurance that there is a deficiency in the surplus in that the value of the total holdings by any company of such securities shall exceed such surplus funds, and if in his judgment the financial stability of the company shall be impaired thereby, he shall issue an order to such company to make good such deficiency within such reasonable time as he may prescribe either by the sale or other disposal of sufficient of such securities, or by the addition to the surplus funds of sufficient legal assets other than those permitted as an investment in paragraphs (a) and (b) hereof; proviso. to office of (c) When any such stock company shall be a stockholder Eligibility in any other corporation, as in the preceding paragraphs pro- director. vided, its president and other officers or any of its directors shall be eligible to the office of director of such company the same as if they were individually shareholders therein and the company holding such stock shall possess and exercise in respect thereof, all the rights, powers, privileges and liabilities of individual owners or holders of such stock. Approved May 12, 1927. Section amended. Permit to set fires. When given. Form of. Proviso. [No. 146.] AN ACT to amend section seven of act number one hundred forty-three of the public acts of nineteen hundred twentythree, entitled "An act to provide for the preservation of the forests of this state and for the prevention and suppression of forest and prairie fires, and to create the office of chief fire warden", as amended by act number three hundred forty-one of the public acts of nineteen hundred twenty-five. The People of the State of Michigan enact: SECTION 1. Section seven of act number one hundred fortythree of the public acts of nineteen hundred twenty-three, entitled "An act to provide for the preservation of the forests of this state and for the prevention and suppression of forest and prairie fires, and to create the office of chief fire warden", as amended by act number three hundred forty-one of the public acts of nineteen hundred twenty-five, is hereby amended to read as follows: SEC. 7. It shall be unlawful when the ground is not snow covered to start or have any open fire in counties included within the fire districts created under the provisions of section two hereof, except for domestic purposes and to protect persons or property in case of fire, without the written permission of the conservation commission or other authorized conservation officer or supervisor of a township or some other elective officer designated by said supervisor, unless a firebreak sufficient to check the spread of such fire shall have been freshly made or plowed around the area wherein said fire is set. Permission to set fire to any woods, grass lands, brush or slash for the purpose of clearing and improving lands or for preventing other fires shall be given whenever the same may be safely burned upon such reasonable conditions and restrictions as the conservation commission may prescribe to prevent spreading and getting beyond control. Such permission shall be in the form of a written permit on blanks to be furnished by the department of conservation and such permit may be revoked in the discretion of the said conservation commission in cases of extreme danger when such act is clearly necessary for the safety of life and property: Provided, That railroad companies and road contractors in any county in this state when burning large areas under such permit shall have some competent person constantly in charge of such fires so as to prevent the spreading thereof. Any persons or corporations violating any provision of this section shall be deemed guilty of a misdemeanor and on conviction thereof shall be punished by a fine of not less than twenty-five dollars nor more than one hundred dollars or by imprisonment in the county jail for not more than ninety days, or both such fine and imprisonment in the discretion of the court. This act is ordered to take immediate effect. [No. 147.] AN ACT to amend section fifty-five 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 eight thousand twenty-three of the compiled laws of nineteen hundred fif teen. The People of the State of Michigan enact: amended. SECTION 1. Section fifty-five of act number two hundred Section 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 eight thousand twentythree of the compiled laws of nineteen hundred fifteen, is hereby amended to read as follows: SEC. 55. If the commissioner shall become satisfied that Application for receiver, the capital of any bank has become impaired or reduced below when made. the amount required by law, and such impairment or reduction shall not have been made good as by him required, and the order and requisition of the commissioner in that regard shall not have been complied with, or if the commissioner shall have become satisfied that any bank has refused to pay its deposits in accordance with the terms on which such deposits were received, if received in accordance with the provisions of this act, or if any bank has violated any of the provisions of this act, or is conducting its business in an unsafe or unauthorized manner, or if any bank shall refuse to submit its books and papers and concerns to the inspection of the commissioner, his deputy, or any examiner, or if any officer of such bank shall refuse to be examined under oath touching the concerns of the bank, or if from any examination made or report here provided for, the commissioner shall conclude that such bank is in an unsound or unsafe condition to transact the banking business, so that it is unsafe and inexpedient to continue same, the commissioner of the banking department shall communicate such facts to the attorney general and, with his concurrence, application may be made by the attorney general, in behalf of the commissioner, to a court of competent jurisdiction for the appointment of a receiver of such bank. Upon presentation of said application to said When court, and upon its being made satisfied that the capital stock receiver of said bank has become impaired or reduced below the amount required by law, and that such impairment or reduction has not been made good, or the order of the commissioner in that respect complied with, or that it has refused to pay its deposits as hereinbefore set forth, or that it has violated any provisions of this act, or is conducting its business in an unsafe or un appointed. authorised manner, or that it has refused to submit its books, act number nine of the public acts of nineteen hundred twentyfive, or of any offense cognizable by a justice of the peace and it shall appear to the trial court from evidence or from the statement of the defendant that such person is habitually addicted to the use of habit forming drugs, such court, instead of imposing judgment in said cause for such offense as otherwise provided by law, may commit such defendant to the Wayne county hospital, Wayne county, Michigan, for care and treatment for the use of such habit forming drugs, for a period not to exceed two years or for as long a period as shall in the opinion of the court, based upon the report of the medical superintendent of said hospital, be necessary and proper for the benefit of said defendant: Provided, That in Proviso. no event shall such person be kept in the Wayne county hospital under such commitment for more than two years from the date of such commitment. who may SEC. 2. The board of supervisors of any county in the Agreements, state shall have full power and authority to enter into an enter into. agreement with the board of supervisors of Wayne county to send any person who may be committed to such place from such county to the Wayne county hospital and have such person received and kept in said hospital. Whenever any person shall be committed to the Wayne county hospital, under the provisions of this act, from any county of the state of Michigan other than Wayne county, such county from which such person is committed shall be liable to the county of Wayne for the care, support, maintenance, and supervision of such person while in the Wayne county hospital in an amount to be determined by contract between the board of supervisors of the county of Wayne and the respective boards of supervisors of such other county of the state from which such person may be committed. Such amount shall be computed and based upon the approximate cost necessary for the care, support, maintenance and supervision of such persons committed. SEC. 3. It shall be the duty of the sheriff of any county Sheriff to from which any person is committed to the Wayne county hospital, as in this act provided, to safely convey and deliver such person forthwith upon commitment to the Wayne county hospital, for which such sheriff shall be paid the same fees and compensation as for conveying persons to a state hospital. SEC. 4. It shall be the duty of the superintendent of the Duty of Wayne county hospital to receive all persons duly committed ent. superintendto such hospital and keep such persons safely thereat until their lawful release or discharge thereform and it shall be his further duty to promulgate proper rules and regulations for the government and discipline of the hospital and the persons so committed thereto: Provided, That in cases where Proviso. no contract exists between the county of Wayne and a county from which any person may be committed to the Wayne county hospital, the superintendent of such hospital shall not be obliged to receive any such person so committed for care and treatment. convey. |