Reserve to be kept. Balance, how invested. Proviso as to bonds of other states. Other bonds, etc. Proviso as to debt of municipalities. in such office, and will not knowingly violate, or permit to be violated, any provision of this act; that he is the owner in good faith of stock of the bank, as required to qualify him for such office, standing in his name on the books of the bank, and that such stock is not pledged as security for any debt; such oath shall be transmitted. to the commissioner and filed in his office. Any vacancy in the board of directors shall be filled by the board, and the directors so appointed shall hold office until the next election. SEC. 27. A savings bank shall keep on hand at least fifteen per cent of its total deposits, one-third of which reserve shall be in lawful money in its own vaults, and the balance on deposit payable on demand with banks, national or State, in cities approved by the commissioner as reserve cities or invested in United States bonds; threefifths of the remainder of its savings deposits shall be invested by the board of directors in bonds of the United States or of this State, or in the bonds of any other State of the United States: Provided, That such State has not in time the ten years preceding the of such investment, repudiated its debt and failed to pay the same or the interest due thereon or upon any part of such debt; or in the public debt or bonds of any city, county, township, village or school district of any State in the United States which shall have been authorized by the legislature of such State: Provided, The total indebtedness of such municipality does not exceed five per cent of its assessed valuation, except by a vote of two-thirds of the board of directors, such bonds may be purchased if the total liabilities do not exceed ten per cent of its assessed valuation, or loan the same upon negotiable paper secured by any of the above mentioned classes of security; or upon notes, or bonds, secured by mortgage lien upon unincumbered real estate worth at least double the amount loaned; the remainder of such deposits may be invested in notes, bills or other evidences of debt. the payment of which is secured by the deposit of collateral security consisting of personal property, of known marketable value, worth ten per cent more than the amount so loaned and interest for the time of the loan; or may be deposited in any national bank, trust company, or bank in cities in this or any other State approved by the Commissioner of the Banking Department as reserve cities; and a portion of said remainder, not exceeding the capital and additional stockholders' liability, may be invested in negotiLimit of deposit able paper approved by the board of directors, but the deposits in any one bank shall not exceed ten per cent of the total deposits, capital and surplus of the depositing bank. In case the actual reserve shall fall below the fifteen per cent above provided, the bank shall promptly, and in good faith, take measures to restore and maintain its lawful reserve, in default of which the Commissioner of the Banking Department shall require such restoration within thirty days after in any one bank. Proceedings when reserve falls below fif. teen per cent. notice, and a failure to comply with such demand shall warrant proceedings to wind up the bank, as provided in section six of this act. contents and use of, etc. SEC. 28. A pass-book shall be issued to each depositor in Pass-book, the savings department, containing the rules and regulations adopted by the board of directors governing such deposits, in which book shall be entered each deposit made by, and each payment made to, such depositor, and no payment or check against any such savings account shall be made unless accompanied by and entered in the pass-book issued therefor, except for good cause and on assurances satisfactory to the officers of the bank. Nothing in this section shall prevent savings banks issuing time certificates of deposit or certificates of deposit specifically issued subject to the rules and regulations governing savings deposits. banks, etc., for SEC. 52. The total liabilities of any bank or any person Liabilities of or of any company, corporation or firm for money advanced, money, etc.. including in the liabilities of the company or firm the limited. liabilities of the several members thereof, except special partners, shall at no time exceed one-tenth part of the amount of the 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, Proviso. however, That the foregoing limitations shall not apply to loans upon real estate or other collateral securities authorized by this act: Provided further, That by a two-thirds Further proviso vote of the directors the liabilities of any bank or 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. This act is ordered to take immediate effect. [ No. 11. ] AN ACT to amend section thirty-five of chapter ninety-five of the revised statutes of one thousand eight hundred fortysix, being compiler's section five thousand six hundred twenty-nine of the compiled laws of one thousand eight hundred seventy-one, the same being section seven thousand one hundred eighty of Howell's Annotated Statutes, relative to attorneys, solicitors, and counselors. SECTION 1. The People of the State of Michigan enact, section That section thirty-five of chapter ninety-five of the revised amended statutes of one thousand eight hundred forty-six, being section five thousand six hundred twenty-nine of the compiled laws of one thousand eight hundred seventy-one, the same in such office, and will not knowingly violate, or permit to be violated, any provision of this act; that he is the owner in good faith of stock of the bank, as required to qualify him for such office, standing in his name on the books of the bank, and that such stock is not pledged as security for any debt; such oath shall be transmitted to the commissioner and filed in his office. Any vacancy in the board of directors shall be filled by the board, and the directors so appointed shall hold office until the next election. r notice, and a warrant proceed SEC. 28. A P SEC. 27. A savings bank shall keep on hand at least fifteen per cent of its total deposits, one-third of which reserve shall be in lawful money in its own vaults, and the balance on deposit payable on demand with banks, national or State, in cities approved by the commissioner as reserve cities or invested in United States bonds; threefifths of the remainder of its savings deposits shall be invested by the board of directors in bonds of the United States or of this State, or in the bonds of any other State of the United States: Provided, That such State has not in the ten years preceding the time of such investment, repudiated its debt and failed to pay the same or the interest due thereon or upon any part of such debt; or in the public debt or bonds of any city, county, township, village or school district of any State in the United States which shall have been authorized by the legislature of such State: Provided, The total indebtedness of such municipality does not exceed five per cent of its assessed valuation, except by a vote of two-thirds of the board of directors, such bonds may be purchased if the total liabilities do not exceed ten per cent of its assessed valuation, or loan the same upon negotiable paper secured by any of the above mentioned classes of security; or upon notes, or bonds, secured by mortgage lien upon unincumbered real estate worth at least double the amount loaned; the remainder of such deposits may be invested in notes, bills or other evidences of debt. the payment of which is secured by the deposit of collateral security consisting of personal property, of known marketable value, worth ten per cent more than the amount so loaned and interest for the time of the loan; or may be deposited in any national bank, trust company, or bank in cities in this or any other State approved by the Commissioner of the Banking Department as reserve cities; and a portion of said remainder, not exceeding the capital and additional stockholders' liability, may be invested in negotisitable paper approved by the board of directors, but the deposits in any one bank shall not exceed ten per cent of the total deposits, capital and surplus of the depositing bank. case the actual reserve shall fall below the fifteen per cent above provided, the bank shall promptly, and in good faith, take measures to restore and maintain its lawful reserve, in default of which the Commissioner of the Banking Department shall require such restoration within thirty days after ik. In or of any compa luding in t abilities of th partners. shall Amount of the Escount of bil tally existing siness paper me shall not terer. That Ans upon real ed by this a of the dire 5 or company Im not exce the bank. This act is Approved Fe notice, and a failure to comply with such demand shall warrant proceedings to wind up the bank, as provided in section six of this act. contents and use of, etc. SEC. 28. A pass-book shall be issued to each depositor in Pass-book, the savings department, containing the rules and regulations adopted by the board of directors governing such deposits, in which book shall be entered each deposit made by, and each payment made to, such depositor, and no payment or check against any such savings account shall be made unless accompanied by and entered in the pass-book issued therefor, except for good cause and on assurances satisfactory to the officers of the bank. Nothing in this section shall prevent savings banks issuing time certificates of deposit or certificates of deposit specifically issued subject to the rules and regulations governing savings deposits. money, etc.. SEC. 52. The total liabilities of any bank or any person Liabilities of or of any company, corporation or firm for money advanced, banks, etc., for including in the liabilities of the company or firm the limited. liabilities of the several members thereof, except special partners, shall at no time exceed one-tenth part of the amount of the 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, Proviso. however, That the foregoing limitations shall not apply to loans upon real estate or other collateral securities authorized by this act: Provided further, That by a two-thirds Further proviso vote of the directors the liabilities of any bank or 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. This act is ordered to take immediate effect. [ No. 11. ] AN ACT to amend section thirty-five of chapter ninety-five of the revised statutes of one thousand eight hundred fortysix, being compiler's section five thousand six hundred twenty-nine of the compiled laws of one thousand eight hundred seventy-one, the same being section seven thousand one hundred eighty of Howell's Annotated Statutes, relative to attorneys, solicitors, and counselors. SECTION 1. The People of the State of Michigan enact, section That section thirty-five of chapter ninety-five of the revised amended statutes of one thousand eight hundred forty-six, being section five thousand six hundred twenty-nine of the compiled laws of one thousand eight hundred seventy-one, the same Effect of removal or suspension, etc. being section seven thousand one hundred eighty of Howell's Annotated Statutes, be and the same is hereby amended so as to read as follows: (§7180.) SEC. 35. The removal or suspension of any attorney, solicitor or counselor by any court of competent jurisdiction, shall operate as a removal or suspension in every court of this State, and any person so removed or suspended, who shall, while such disability exists, hold himself out to the public or represent himself to any person as authorized to practice in any of the courts of this State, or who shall practice or attempt to practice, or appear as attorney, solicitor or counsel for any party other than himself in any of said courts, shall be deemed guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine not to exceed one hundred dollars, or by imprisonment in the county jail not more than three months, or by both such fine and imprisonment, in the discretion of the court. Approved March 12, 1891. Section amended. Service and return to certio rari. [ No. 12. ] AN ACT to amend section three of act number two hundred fifty-eight of the session laws of one thousand eight hundred forty-nine, entitled "An act to amend chapter ninety-four of the revised statutes in relation to criminal proceedings,' the same being section five thousand five hundred fifty-five of the compiled laws of one thousand eight hundred seventyone, and section seven thousand one hundred twenty-three of Howell's Annotated Statutes. SECTION 1. The People of the State of Michigan enact, That section three of act number two hundred fifty-eight of the session laws of one thousand eight hundred forty-nine, entitled "An act to amend chapter ninety-four of the revised statutes in relation to criminal proceedings," the same being section five thousand five hundred fifty-five of the compiled laws of one thousand eight hundred seventy-one and section seven thousand one hundred twenty-three of Howell's Annotated Statutes, be and the same is hereby amended so as to read as follows: ($7123.) SEC. 3. The writ of certiorari and affidavit shall be served upon the justice before whom such conviction was had, within ten days after said allowance, and the justice shall make a return to all the matters specified in such affidavit, and shall cause such writ, affidavit and return to be filed in the office of the county clerk of the county within ten days after the service of such writ. This act is ordered to take immediate effect. |