Section amended. To work, or pay road tax. Proviso. Moneys, how expended. Proviso. [No. 165.] AN ACT to amend section four of chapter three of act number two hundred forty-three of the session laws of eighteen hundred eighty-one, entitled "An act to revise and consolidate the laws relating to the establishment, opening, improvement and maintenance of highways and private roads, and the building, repairing and preservation of bridges within this State," approved June eighth, eighteen hundred eighty-one, as subsequently amended, the same being compiler's section four thousand eighty-nine of the Compiled Laws of eighteen hundred ninety-seven. The People of the State of Michigan enact: SECTION 1. Section four of chapter three of act number two hundred forty-three of the session laws of eighteen hundred eighty-one, entitled "An act to revise and consolidate the laws relating to the establishment, opening, improvement and maintenance of highways and private roads, and the building, repairing and preservation of bridges within this State," approved June eighth, eighteen hundred eighty-one, as subsequently amended, the same being compiler's section four thou sand eighty-nine of the Compiled Laws of eighteen hundred ninety-seven, is hereby amended so as to read as follows: SEC. 4. Every person liable to work on the highways shall work the whole number of days for which he shall have been assessed, unless he shall elect to commute for the same, or some part thereof, and shall within the time in which he is required to appear and work, pay the commutation money, at the rate of one dollar for each day assessed, to the overseer of the district on which the labor is required to be performed, and the commutation shall not be considered as complete until such money is paid: Provided, That in districts in which the total amount of highway tax assessed shall exceed the sum of one hundred dollars for each mile of road in such district, the person assessed shall only be permitted to work his pro rata share of such one hundred dollars per mile, unless otherwise directed by the township board, and the balance of highway tax assessed shall be paid in the same manner as commutation money is paid. All moneys so paid shall be expended by the overseer so far as may be necessary, in the purchase of implements, or construction and repair of the roads and bridges in the same district, but no overseer shall be allowed to commute any portion of the time for which he is assessed, unless his tax shall exceed the number of days necessary for the faithful and efficient supervision by him of the highway work within his district, in which case he may commute for the excess: Provided, That in no case shall said overseer expend more than one hundred dollars for each mile of road in the construction and repair of roads and bridges in any one year unless otherwise directed by the township board, and any surplus remaining in his hands on the fifteenth day of November of each year shall be paid by him to the township treasurer, and credited to the general highway fund of the township: Provided further, That Further in no case shall said overseer expend more than fifteen dollars proviso. in any one year for implements. Approved May 28, 1903. [No. 166.] AN ACT to provide for the regulation of corporations, companies, partnerships, associations or firms, other than building and loan associations and life insurance companies, which issue, place or sell certificates, bonds, debentures, tontine contracts, or other investment securities of any kind or description on the partial payment or installment plan, prescribing the terms and conditions upon which such corporations, companies, partnerships, associations or firms shall be permitted to do business in this State. The People of the State of Michigan enact: certificates of SECTION 1. No corporation, company, partnership, associa- To secure tion or firm, other than building and loan associations and life authority. insurance companies, shall be permitted to place or sell certificates, bonds, debentures, tontine contracts, or other investment securities of any kind or description on the partial payment or installment plan until it shall procure a certificate of authority from the Secretary of State. To procure such certificate of authority, it shall be necessary for such corporation, company, partnership, association or firm to file with the Secretary of State a copy of the certificate, bond, debenture, tontine contract, or other investment contract being issued, or which is intended to be issued; also a copy of its by-laws or rules governing it, and of all printed matter issued, together with a sworn statement showing, in detail, its financial condition. secretary of SEC. 2. If the Secretary of State is satisfied that the business When of such corporation, company, partnership, association or firm state may is not in violation of law or public policy, and is safe, reliable, issue. and entitled to public confidence, and if he shall approve the investment contracts herein before named, he may issue a certificate of authority to such corporation, company, partnership, association or firm to transact business in this State. annually. SEC. 3. Once in each year, or oftener, if in the opinion of the To examine Secretary of State it shall be necessary, the Secretary of State shall make, or cause to be made, an examination into the affairs of every such corporation, company, partnership, association or firm doing business in this State. Such examination shall be To have full and complete, and in making the same the examiner shall books, etc. access to When may revoke certificate. Unlawful to sell certain contracts. Penalty for violation of act. What com to act. have full access to, and may demand the production of, all books, securities, papers, moneys, etc., of the corporation, company, partnership, association or firm under examination, and may administer oaths to and examine any person connected therewith. If, upon such examination, it shall appear that such corporation, company, partnership, association or firm does not conduct its business in accordance with law, or that its affairs are in an unsound condition, or if such corporation, company, partnership association or firm refuses such examination to be made, the Secretary of State may revoke its certificate of authority to do business in this State. SEC. 4. It shall be unlawful for any such corporation, company, partnership, association or firm to issue or sell in this State any bonds, debentures, certificates, tontine contracts, or obligations of any kind whatsoever, which are by the terms thereof to be redeemed in numerical order, or in any arbitrary order of precedence without reference to the amount previously paid thereon by the holder thereof. SEC. 5. Any member, or representative of any such corporation, company, partnership, association or firm, who shall attempt to place or sell any certificates, debentures, tontine contracts, or other investment securities of any kind or description, or transact any business whatsoever in the name or on behalf of any such corporation, company, partnership, associa tion or firm, not authorized to do business in this State, and which has failed or refused to comply with the provisions of this act or has violated any of the provisions of the preceding sections, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished by imprisonment in the State prison for a period not to exceed two years, or in the county jail not to exceed one year, or by a fine of not less than two hundred dollars, nor more than one thousand dollars, or by both such fine and imprisonment in the discretion of the court. SEC. 6. Every corporation, company, partnership, associapanies subject tion or firm. other than building and loan associations and life insurance companies, at present transacting within this State the business designated in section one of this act, shall be subject to all the provisions of this act, and shall, within sixty days after the passage of this act, comply with all its requirements. Fees to pay. SEC. 7. Every such corporation, company, partnership, association or firm authorized to do business in this State shall be subject to and shall pay to the Secretary of State the following fees, which fees shall be paid into the State treasury, to wit: For filing any of the papers hereinbefore named, one dollar; for making and certifying to copies of same, twenty cents per folio of one hundred words; for each certificate of authority, five dollars; for making the annual examination herein provided for, ten dollars per day and necessary expenses for the actual time employed in making such examination. examiner. SEC. 8. For the purpose of carrying out the provisions of Appointment, this act, the Secretary of State is hereby authorized to appoint etc., of special a special examiner. Said examiner shall be paid at the rate of seven dollars per day; he shall also receive necessary traveling expenses, which when audited by the Board of State Auditors, shall be paid by the State Treasurer on the warrant of the Auditor General. This act is ordered to take immediate effect. [No. 167.] AN ACT to fix the compensation of the clerks in the State library. The People of the State of Michigan enact: tion. SECTION 1. The clerks employed in the State library shall Compensaeach receive, as compensation, a sum not exceeding one thousand dollars per annum for the time employed. SEC. 2. All acts or parts of acts inconsistent with the provi- Repealing sions of this act are hereby repealed. Approved June 2, 1903. clause. [No. 168.] AN ACT to provide for the incorporation of companies for constructing, furnishing and operating electric and other fire, burglary and emergency alarms, and for conducting notification and emergency business, and to repeal act number eighty-five of the public acts of eighteen hundred ninety-one. The People of the State of Michigan enact: SECTION 1. That any three or more persons may organize a Number may corporation under this act for the purpose of constructing, incorporate. furnishing and operating electric and other fire, burglar and emergency alarms, and for conducting notification and emer gency business, and kindred lines of business. SEC. 2. Such persons shall, under their hands and seals, Articles, what sign articles of association in which shall be specified, first, the to set forth. name of the association; second, the capital stock which shall not exceed one million dollars, and the number of shares into which the same shall be divided; third, the purpose for which such association is incorporated; fourth. the place where the Where filed. Corporation, how managed. Stock, how divided. Service of process. Subject to tions. Proviso. principal office of business of said association shall be located; fifth, the term of existence of such association which shall not exceed thirty years. The said articles of association shall be filed with the Secretary of State and a copy thereof recorded in the office of the county clerk wherein the principal office of the said association is established, and thereupon the said association shall be and the same is hereby declared to be a body corporate, under the name adopted in such articles of association. SEC. 3. The stock, property and affairs of every corporation organized hereunder shall be managed by a board of directors; the directors shall be chosen annually by the stockholders at such time and place as shall be provided by the by-laws of said corporation, and shall continue in office for one year and until others shall be chosen in their stead. No person except a stockholder shall be a director. SEC. 4. The stock of every such corporation shall be divided into shares of not less than ten dollars, nor more than one hundred dollars each and shall be deemed personal property. SEC. 5. Service of legal process against any such corporation may be made upon any officer of such corporation found within the county in which the action shall have been commenced. SEC. 6. Every such corporation shall be subject to the conlocal regula- trol and regulation of the local authorities in the municipality where it may be located, as to the methods and manner of constructing and maintaining the lines of wire or the material for use in the transmission of alarms, notifications or messages and shall have power, subject to such local regulations to construct and maintain such lines aforesaid for such purposes, over, across or under any public places, streets and highways, with all necessary poles, erections and fixtures therefor: Provided, That the same shall not injuriously interfere with other public uses of the public places, streets and highways; to construct, provide and furnish instruments, devices, vehicles and facilities in the transmission and furnishing of alarms and notifications; for the purpose of its business it shall be lawful for any such corporation to lease lines of wire, poles, fixtures or other materials from any public or private corporations posMay hold real sessing or controlling the same. It shall also be lawful for any corporation organized under this act to purchase and hold all necessary real and personal property to carry out the purposes of its organization. estate. Penalty for injury of property. Stockholders SEC. 7. Any person who shall unlawfully injure or molest any line of wire or property appurtenant thereto of any such corporation, or any of the instruments and apparatus of such corporation shall on conviction thereof be deemed guilty of a misdemeanor and be punished by a fine not exceeding one hundred dollars or imprisonment in the county jail not exceeding three months, or both in the discretion of the court in which such conviction shall be had. SEC. 8. The stockholders of all corporations organized under liable for labor this act shall be individually liable for all labor performed for liens. |