« ForrigeFortsett »
Petition, what to contain.
supervisors of said county at the annual meeting of said sue
AN ACT to amend section nine of act number two hundred seventykcight of the public acts of nineteen hundred nine, entitled “An act to provide for the incorporation of villages and for changing their boundaries.”
The People of the Sta-to of Michigan enact:
Snc'riox 1. Section nine of act number two hundred seventy-eight of the public acts of nineteen hundred 'uine, entitled “An act to provide for the incorporation of villages and for changing their boundaries,” is hereby amended to read as follows: ,
SEC. 9. On the filing in the office of the Secretary of State and the clerk of the county or counties within which the village is located, of' a copy of the petition, and of every resolu~ tion, affidavit or certificate necessarily following such petition with the certificate of the board of county canvassers attached, showing that the purposes of said petition have been approved by a. majority of the electors voting thereon as provided in this act, the number of votes cast on such proposition and the number cast for and against the same, the village shall be from that date duly and legally incorporated under and by the name designated in said petition, or the territory described in said petition shall be duly and legally consolidated as one village, or attached to or detached from the village named in such petition, as the case may be, and such petition and the subsequent proceedings thereunder shall be duly recorded in each of said offices in a book to be kept for that purpose, and either of such records or certified copies thereof shall be prima facie evidence of the due and legal incorporation of the village or of the consolidation or change of boundaries prayed for in such petition. Territory detached from any village shall thereupon become a part of the township, village or city from which it was originally taken: Provided, That the Secretary of State shall, within ten days after the filing in his office of the certified copies as required by this section, make and file with the Auditor General a certificate showing the name of the village thus incorporated, a description of the land included within the limits of said village, or in case of a change of boundaries of any village a description of the land attached to or detached from such village. '
Approved April 113, 1911.
AN ACT to amend section one 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,” the same being section six thousand ninety of the Compiled Laws of eighteen hundred ninety-seven, as amended by act number two hundred sixtyfiwe 0f the public acts of eighteen hundred ninety-nine._
SECTION 1. Section one of act number two hundred five of Section the public acts of eighteen hundred eighty-seven, entitled “An amended
act to revise the laws authorizing the business of banking, and to establish a banking department for the supervision of such business,” the same being section six thousand ninety of the Compiled Laws of eighteen hundred ninetyseven, as amended by act number two hundred sixty-five of the public acts of eighteen hundred ninety-nine, is hereby amended to read as follows:
1. Any number of persons not less than five, may asso- Banks“ es.
ciate to establish offices of discount and deposit to be known tabliShmg “
as commercial banks, and also to establish offices of loan and deposit to be known as savings banks, or to establish banks havingdepartments for both classes of business, upon the
terms and conditions, and subject to the liabilities prescribed Capital stock.
in this act, but the aggregate amount of the capital stock of any such bank shall not be less than two hundred fifty thousand dollars, except that banks with a capital of not
less than twenty thousand dollars may be organized in a '
city or village, the population of which does not exceed fifteen hundred inhabitants, and with a capital of not less than twenty-five thOusand dollars in a city or village the population of which does not exceed five thousand inhabitants, and with a capital of not less than fifty thousand dollars in a city or village the population of which does not exceed twenty thousand inhabitants, and with a capital of not less than one hundred thousand dollars in cities having not less than one hun
Not to hold
Proviso, removal, etc.
Further prpvrso, prior offices.
dred and ten thousand inhabitants, in cities over one hundred and ten thousand inhabitants a capital not less than two hundred and fifty thousand dollars: Provided, That in banks having deposits exceeding five million dollars the capital shall be increased to a sum not less than four hundred thousand dollars. No bank shall take as security for any loan or discount a lien upon any part of its capital stock. The same security in kind and amount shall be required of stockholders and of persons not stockholders. No bank shall be the holder or purchaser of any portion of its capital stock unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stock s0 purchased shall in no case be held by the bank for a longer time than six months, if the stock can be sold for what it cost, and it must be sold for the best price obtainable within one year, or cancelled as hereinafter provided for the reduction of capital stock: Provided further, That any bank which shall have been organized under, and shall have established a banking ofiice subject to the terms of this act or the act hereby amended, in territory consisting of an incor~ porated city or village, or otherwise, which shall in whole or in part be, or which shall heretofore have been, annexed- to a city, shall continue after such annexation to have the right to possess and exercise within the entire territory in which it was originally established, all the rights and powers as to capitalization, or otherwise, which it would have possessed or exercised had such annexation not taken place, but shall not have the right to remove and reestablish its banking oflices at a location in the city not included within the limits of such annexed territory: Provided, however, That the restriction hereby placed upon the removal and re-establishment of such banking oflice shall not apply in case the capital stock of such bank at the time of such annexation, or as afterwards fixed, shall be increased to the minimum amount required for the establishment of a bank in the first instance: And provided further, That nothing in this section contained shall affect the right of any bank to maintain any office which may have been established prior to March first, nineteen hundred eleven: And provided further, That any bank located in territory which shall in whole or in part be, or which shall heretofore have been annexed to a city shall maintain the same reserves as required of banks heretofore organized and doing business in such city. Approved April 13, 1911.
AN ACT to amend section eighteen of act number one hundred eighty-eight of the public acts of eighteen hundred ninety-nine, entitled “An act to provide for the taxation of inheritances, transfers of property by will, transfers of property by the intestate laws of this _State, or transfers of property by deed, grant, bargain, sale or gift, made in contemplation of the death of the grantor, vendor, or donor, or intended to take effect in possession or enjoyment at or after such death,” as amended by act number one hundred ninety-filve of the public acts of nineteen hundred three.
SECTION 1. Section eighteen of act number one hundred Section eighty-eight of the public acts of eighteen hundred ninety-“mendednine, entitled “An act to provide for the taxation of inheritances, transfers of property by will, transfers of property by the intestate laws of this State, or transfers of property by deed, grant, bargain, sale or gift, made in contemplation of the death'of the grantor, vendor, or donor, or intended to take efiect in possession or enjoyment at or after such death,” as amended by act number one hundred ninety-five of the public acts of nineteen hundred three, is hereby amended to read as follows:
Snc. 18. Each judge of probate shall, within three days Orderof after he shall have determined the tax and entered the order determinationrequired in the preceding section, make a duly certified copy of such order upon forms furnished by the Auditor General, What_to containing all the data and matter required to be entered mnmm' in such book, one of which shall beimmediately delivered to the county treasurer, from which data the said county treasurer shall obtain the information for making the duplicate rcceipt required by this act, and the other transmitted to the Auditor General. If in any calendar quarter beginning January, April, July or October first in each year, there has been no tax determined, _the judge of probate shall make a report to the Auditor General aflirmatively showing this fact.
The register of deeds of each county shall, upon blanks pre- Register of scribed and furnished by the Auditor General, as often as deeds'repmany deed or other conveyance is filed or recorded in his office
of any property which appears to have been made in contem
plation of death or intended to take efiect in possession or enjoyment after the death of the grantor or vendor, make Wham, reports in duplicate containing a statement of the name and contain place of residence of such grantor or vendor, the name, relationship and place of residence of the grantee or vendee,
and a description and the value of the property transferred
and the consideration for the transfer as stated in the in strument filed or recorded, one of which duplicates shall be
immediately delivered to the county treasurer, and the other transmitted to the Auditor General. Whenever any nonresident shall die leaving property. or any interest therein, in this State which has not been duly administered under the laws of this State and it shall be necessary to have the (luestion of the taxation of the transfer thereof determined, such question may be presented and determined upon petition to be filed by the Attorney General in any probate court of this State. The said petition shall set forth the name of the decedent; residence at time of death; the total amount of property constituting said estate; a description of and the value of all property in Michigan; and any and all such other data as may be necessary to inform the court of the facts in connection with such matter. It shall be the duty of the probate court with which such petition is filed to fix a date for
'heariug thereon and to give notice of such hearing in such
Executor, duty of.
Estate, who to represent.
When not taxable.
manner as shall be prescribed. Publication of the notice of such hearing shall not be necessary unless ordered by the court. It shall be the duty of the executor, administrator. trustee or any interested party in said estate to furnish all such facts, data, information, reports and certified copies of proceedings had in connection with said estate in any other court. as shall be required by the Attorney General or directed by the probate court. The probate court shall appoint a resident of Michigan to represent the said estate at such hearing and the person so appointed shall perform such duties as shall he required by the court. The person so ap~ pointed shall have and possess all of the powers of an executor or administrator for the purposes of this section, but shall not be personally liable for any inheritance tax in said estate and shall not be required to give any bond unless so directed by the court. The said probate court shall at the hearing on said petition or at an adjourned hearing, determine whether the transfer of such property is taxable and if found taxable, he shall proceed as in all other cases to fix and determine the amount thereof. If it is found that the transfer of such property is not taxable, an order to that effect shall be entered in the said probate court. A re<deter< mination of said order may be had and an appeal therefrom may be taken in the same manner provided for in this act. A certified copy of all such orders determining that there is no inheritance tax due and payable may be procured from the probate court upon the payment of fifty cents: Provided, That no order shall be entered in any such case until there is filed in said probate court receipts showing full payment of all expenses incurred includingcompensation due the person ap pointed to represent said estate, all of which expenses or compensation shall be paid by the executor, administrator or any person interested in said estate: Provided further, That in case it may be necessary to have any such property subjected to regular probate proceedings in this State, or if any such estate shall have been administered in this State,