Section amended. Liabilities, limitation of. Proviso. Further proviso. Further proviso. [No. 68.] AN ACT to amend section fifty-two of act number two hundred five of the public acts of eighteen hundred eightyseven, 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 of the compiled laws of nineteen hundred fifteen, as amended by act number one hundred eight of the public acts of nineteen hundred nineteen. The People of the State of Michigan enact: SECTION 1. Section fifty-two 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 of the compiled laws of nineteen hundred fifteen, as amended by act number one hundred eight of the public acts of nineteen hundred nineteen, is hereby amended to read as follows: SEC. 52. The total liabilities to any bank of any person or of any company, corporation or firm for moneys advanced, including in the liabilities of the company or firm the liabilities of the several members thereof, except special partners, shall at no time exceed one-tenth part of the amount of capital and surplus of such bank, but the discount of bills of exchange drawn in good faith against actually existing values, and the discount of commercial or business paper actually owned by the person negotiating the same, shall not be considered as money borrowed: Provided, however, That the foregoing limitation shall not apply to loans on real estate or other collateral securities authorized by this act, and deposited with the bank, or a trust company organized under the laws of this state: Provided further, That by a two-thirds vote of directors, the liabilities to any bank of any person or company, or corporation or firm may be increased to a sum not exceeding one-fifth of the capital and surplus of the bank; but such additional one-tenth of such capital and surplus shall not be loaned to any officer or director, or to any partnership in which such officer or director is a partner, or to any corporation in which such officer or director owns a majority of the capital stock, until such officer, director, partnership or corporation furnishes collateral or endorsements satisfactory to the directors, or files with the bank a sworn statement of assets and liabilities showing a net worth of sufficient amount to be entitled to such credit: Provided further, That before any bank under the supervision of the laws of this state shall loan any of its funds to its officers or its employes, such loans shall be first submitted to the directors of such bank for their approval. Not more than one-fourth of the assets of any bank shall be loaned or invested in steam railroad bonds, and [No. 69.] AN ACT to make appropriations for the department of the attorney general for the fiscal years ending June thirtieth, nineteen hundred twenty-eight, and June thirtieth, nineteen hundred twenty-nine, for maintenance and operation. The People of the State of Michigan enact: and purposes. SECTION 1. There is hereby appropriated from the general Amounts fund for the department of the attorney general, for the fiscal year ending June thirtieth, nineteen hundred twenty-eight, the sum of one hundred twenty-nine thousand eight hundred dollars, and for the fiscal year ending June thirtieth, nineteen hundred twenty-nine, the sum of one hundred twentynine thousand eight hundred dollars, for the purposes and in the specific amounts as follows: Each of said amounts shall be used solely for the specific purposes herein stated. SEC. 2. The amounts hereby appropriated shall be paid How paid out of the state treasury at such times and in such manner as out. is or may be provided by law. SEC. 3. All fees or other moneys received by said depart- Fees, etc. ment of the attorney general shall be forwarded to the state treasurer each month and shall be by said treasurer deposited in the state treasury to be disbursed in such manner and for This act is ordered to take immediate effect. Section amended. [No. 70.] AN ACT to amend section twenty-four of chapter two of part three of act number two hundred fifty-six of the public acts of nineteen hundred seventeen, entitled "An act to revise, consolidate and classify the laws of the state of Michigan, relating to the insurance and surety business; to regulate the incorporation of domestic insurance and surety companies and associations and the admission of foreign companies; and to provide for the departmental supervision and regulation of the insurance and surety business within this state," approved May tenth, nineteen hundred seventeen. The People of the State of Michigan enact: SECTION 1. Section twenty-four of chapter two of part three of act number two hundred fifty-six of the public acts of nineteen hundred seventeen, entitled "An act to revise, consolidate and classify the laws of the state of Michigan, relating to the insurance and surety business; to regulate the incorporation of domestic insurance and surety companies and associations and the admission of foreign companies; and to provide for the departmental supervision and regulation of the insurance and surety business within this state," approved May tenth, nineteen hundred seventeen, is hereby amended to read as follows: PART III SEC. 24. It shall be lawful for any husband to insure his life for the benefit of his wife, and for any father to insure his life for the benefit of his children, or of any one or more of them; and in case that any money shall become payable under the insurance, the same shall be payable to the person or persons for whose benefit the insurance was procured, his, her or their representatives or assigns, for his, her or their own use and benefit, free from all claims of the representatives of such husband or father, or of any of his creditors; and any married woman, either in her own name or in the name of any third person as her trustee, may cause to be insured the life of her husband, or of any other person, for any definite period, or for the term of life, and the moneys that may be- [No. 71.] AN ACT to amend section one of chapter seventy-six of act number three hundred fourteen of the public acts of nineteen hundred fifteen, "The judicature act of nineteen hundred fifteen," being section fourteen thousand three hundred sixty-one of the compiled laws of nineteen hundred fifteen, as last amended by act number three hundred five of the public acts of nineteen hundred twenty-five. The People of the State of Michigan enact: SECTION 1. Section one of chapter seventy-six of act num- Section ber three hundred fourteen of the public acts of nineteen hun- amended. dred fifteen, "The judicature act of nineteen hundred fifteen," being section fourteen thousand three hundred sixty-one of the compiled laws of nineteen hundred fifteen, as last amended by act number three hundred five of the public acts of nineteen hundred twenty-five, is hereby amended to read as follows: sum SEC. 1. In any action commenced before a justice of the When peace, founded upon contract, or upon judgment or decree, mons issued. or after the rendition of judgment in any case if the plaintiff, his agent or attorney shall make and file with such justice an affidavit stating that he has good reasons to believe, and does believe, that any person, naming him, has property, money or effects in his hands, or under his control belonging to the defendant or any or either of the defendants in such Proviso. Proviso. Proviso. suit, judgment or decree or that such person is indebted to such defendant or any or either of the defendants, and that such indebtedness is or is not on account of labor performed by the principal defendant, and further stating whether or not the amount due from the garnishee defendant to the principal defendant is for the personal work and labor of such principal defendant or any member of his family, the justice shall issue a summons against such person requiring him to appear before such justice at a time and place mentioned in the said summons, not less than six nor more than twelve days from the date thereof except as provided in section four of this chapter and answer under oath all questions put to him touching his indebtedness to such defendant or any or either of the defendants, naming him or them, and the property, money or effects of the defendant or any or either of the defendants in his possession, within his knowledge or under his control, which summons except as otherwise provided, shall be served and returned in the same manner as a summons issued against a defendant in other cases, and such suit may be entered on the docket as suits in other cases: Provided, That no garnishment proceedings shall be commenced against any person for money owing a principal defendant on account of labor performed by him until after judgment shall have been obtained against such principal defendant: Provided, however, That one writ of garnishment in each case against any person for money owing a principal defendant on account of labor performed by him, may issue previous to judgment only when there shall be endorsed upon the affidavit an order signed by the justice of the peace in which court said cause has been instituted authorizing the issuance of the same. If the said writ shall be authorized, the plaintiff shall attach to the principal summons and the gar nishee summons a bill of particulars of his demands. Upon the return day of said summons the cause may be adjourned by either party only once for a period not exceeding one week, at which time the issue shall be tried: Provided, however, That in the absence of the justice or on his order a further adjournment or adjournments may be had. Said cause shall have priority over the other cases on the call of the justice for trial. Said garnishee summons shall state the amount claimed by the plaintiff to be due from the principal defendant. Approved April 25, 1927. |