Publication

of statement.

To be filed in

clerks.

Statement and affidavit to be filed in office

of insurance.

Commissioner may order

bers who have withdrawn or whose policies have been canceled during the year;

Second, The amount of property at risk, December thirty-first of the previous year, the amount of risks added during the year, the amount of risks canceled, withdrawn, or terminated during the year, and the net amount at risk by the company;

Third, The amount of premium, or deposit notes, or agreements in force, the amount of cash premiums, or assessments actually on hand, the amount of outstanding assessments not canceled, the nature and amount of all other resources;

Fourth, The claims for losses due and payable, the claims for losses not matured, the claims for losses resisted, the nature and amount of all other claims due or accrued, and the total amount of liabilities;

Fifth, The amount of premiums on deposit, notes taken during the year, the amount of cash premiums received during the year, the amount collected of assessments which were levied during the year, the amount collected on assessments which were levied in prior years; the amount received from membership or policy fees, or from any other sources, constituting an expense to the insured, the amount received from per centage, on increased or decreased insurance, the income from all other sources, and the total income; Sixth, The amount paid for losses during the year, stating the amount of same which was for losses of previous years, the amount of salary and fees paid to officers and directors, the amount of all other expenditures during the year, and the total expenditures during the year;

Seventh, The commissioner of insurance may, from time to time, make any change in the form of annual reports to be made by such companies, to elicit further information regarding the condition of the company.

SEC. 12. A copy of every such sworn statement, and report, shall, in said month of January, be published at least twice in said month, in a newspaper published in the county where the business office of the company is located; also, a copy of such sworn statement shall office of county be filed in the office of the county clerk of such county where the office of the company is located; also a copy of such sworn statement, with an additional affidavit, showing that the same has of commissioner been published, and that the same has been filed in the office of the county clerk, as herein provided, shall be filed in the office of the commissioner of insurance; and, if upon examination of such annual statement, or of the affairs of the company, it shall appear to the commissioner of insurance, that the losses and expenses of any company organized under this act, have, during the year, exceeded the cash premiums, and assessments collected, to such an extent as to imply a doubt in the mind of said commissioner of insurance as to the solvency of said company, and its ability to pay all its losses and other debts, it shall be the duty of said commissioner of insurance, to notify the officers of said company to, at the end of sixty days from the date of such notice, discontinue the issuing of policies, and to suspend its business until such time

suspension of business in certain cases.

as that the officers and directors of said company shall collect assessments, and pay such losses and debts, and satisfy said commissioner of insurance of the solvency of such company.

or refusal of

provisions of

SEC. 13. In case the officers or directors of such company shall In case of neglect neglect or refuse to perform any of the duties required of them by officers, etc., to this act, or shall knowingly make, or permit to be made any false comply with or imperfect statement, in any annual or other report required to this act. be made by them, or shall knowingly aid in, or formally consent to any violation of any of the provisions of this act, then in such case, every such director, officer, or person so offending shall be deemed guilty of a misdemeanor, and upon conviction thereof shall be subject to punishment by fine, not exceeding five hundred dollars, or to imprisonment, not exceeding one year, and in case such neglect or refusal on the part of such officers or directors to conform to and be guided by the requirements of this act, is known to the commissioner of insurance, it shall be his duty to notify the prosecuting attorney of the county where the office of such company is located, whose duty it shall then be to commence legal proceedings against such officers or directors, to enforce the penalty hereby imposed.

of receiver.

SEC. 14. The books of any such company shall be open to the Books of comexamination of all the officers, and of the members at any time, to inspection, pany to be open also to the inspection of the commissioner of insurance in person, etc. or by deputy, whenever he may deem an examination necessary. SEC. 15. In case of insolvency, neglect to, or refusal of any such Appointment company to meet its liabilities, and discharge all outstanding claims against such company, the commissioner of insurance may, in person or by counsel, appear in the circuit court of the county where the office of such company is located, and move for the appointment of a receiver for said company, and the company may also be heard upon such motion, and if it shall appear to the satisfaction of the court, that the affairs of the company are in such condition that such motion for the appointment of a receiver should be granted, the said court shall then and there appoint a receiver for such company, who shall be empowered to take posses- Duties and sion of said books, papers, moneys, and personal property of such powers of company, and shall at once proceed to the collection of funds and appointed. the liquidation of the liabilities of such company, in accordance with the provisions of this act, and in conformity to the charter and by-laws of such company. Such receiver shall keep an accurate account of all moneys or other property received by him; he shall pay over all moneys, by him collected, and the proceeds of all personal property pro rata upon the liabilities of the company, retaining therefrom such an amount, for his services and expenses, as the court may deem reasonable. He may sue for and recover any legal assessment made upon the policy holders, or members of the company, and he shall use due diligence in the settlement of the affairs of the company, and make his final report to the court making the appointment, from whence he shall get his formal discharge.

SEC. 16. Any insurance company, organized under this act, may

receiver when

When business insure property of the kind described in section one thereof, situated in any county of this State, and in other States of the Union.

may be done,

Incorporation authorized.

Articles of association.

What articles of
association
shall contain.

General law governing.

[No. 79.]

AN ACT to provide for the incorporation of associations for the purpose of establishing and sustaining churches, religious societies, and Sabbath schools.

SECTION 1. The People of the State of Michigan enact, That any seven or more persons, of full age, who shall associate for the purpose of establishing churches, religious societies, and Sabbath schools, and providing for the support thereof, may form themselves into a corporation under such name as they shall adopt in their articles of association.

SEC. 2. The articles of association shall be executed in duplicate, by the persons so associating themselves together, and shall be acknowledged by them before some person authorized by the laws of this State to take acknowledgment of deeds, one of which duplicates shall be filed and recorded in the office of the secretary of State, and a record shall be made of such articles, or a certified copy thereof, in the clerk's office of the county in which the original incorporators, or a majority thereof, reside, and thereupon the persons so executing said articles, and such persons as may thereafter, according to the provisions of such articles, become associated with them, shall become and be a body corporate, for the purposes set forth in such articles.

SEC. 3. The articles of association shall contain:

First, The names and places of residence of the persons associating in the first instance;

Second, The name of the corporation, and the period for which it is incorporated, not exceeding thirty years;

Third, The objects for which it was organized;

Fourth, The qualifications of members, and the manner in which persons may thereafter become members of such corporation.

SEC. 4. Such corporation shall have all the privileges, and be subject to all the duties of a corporation, according to chapter fiftyfive, of the revised statutes of eighteen hundred and forty-six, so far as the same shall be applicable, and not inconsistent with the provisions of this act, and may hold and possess real and personal property, but the value of the real property held thereby shall not exceed fifty thousand dollars, and the property thereof shall not be used for any purpose other than the legitimate business of the association, as provided in its articles of association.

This act is ordered to take immediate effect.
Approved May 10, 1883.

[ No. 80.]

AN ACT to amend sections four, and fourteen, of an act entitled "An act to authorize the formation of companies for the running, booming, and rafting logs, being compiler's sections two thousand seven hundred and seventy-eight (2778), and two thousand seven hundred and eighty-eight, of chapter eightyeight of the compiled laws of one thousand eight hundred and seventy-one, as amended by act number twenty-two of [the] session laws of eighteen hundred and seventy-three, as amended by act number thirty-five of the session laws of eighteen hundred and seventy-five, as amended by act number two hundred of the session laws of eighteen hundred and eighty-one, and to add to said chapter a new section, to stand as section twenty-one." SECTION 1. The People of the State of Michigan enact, That Section amended section four, of chapter eighty-eight, being compiler's section two added. thousand seven hundred and seventy-eight, of the compiled laws of eighteen hundred and seventy-one, and section fourteen of said chapter, being compiler's section two thousand seven hundred and eighty-eight, of the said compiled laws, as amended by act number twenty-two of the session laws of eighteen hundred and seventythree, by act number thirty-five of the session laws of eighteen hundred and seventy-five, and act number two hundred of the session laws of eighteen hundred and eighty-one, be and the same are hereby amended, and that there be a new section added to said chapter, to stand as section twenty-one, so as to read as follows:

and new section

of president

SEC. 4. The president and secretary of every such corporation Annual report shall annually, in the month of January, make a report, duly and secretary, verified, by the oath of the officer signing the same, and containing: what to contain, First, The amount of capital stock of the corporation actually paid in;

Second, The amount invested in real and personal estate; Third, The amount of debts and credits, of the corporation, and the present value of its real and personal estate, as near as may be ; Fourth, The total amount of receipts, from all sources, and expenditures, for all purposes, of the corporation, for the preceding year;

Fifth, The amount of dividends declared and paid to stockholders, on the business of such preceding year;

Sixth, The surplus remaining after the payment of such dividends, and expenses, subject to repayment to the various persons, companies, and corporations, for whom the said corporation has done business the preceding year;

Seventh, The name of each stockholder, and the number of shares held by them [him], at the date of such report. Every such report shall be filed with the secretary of the association, and also in the office of the county clerk, of the county in which the business office of said association shall be located, and shall be open at all reasonable times, to the examination of any and every stockholder, and all other persons interested in the facts therein stated; and if the said president and secretary, of such corporation shall inten

Acquisition and holding of property.

Proviso.

Proviso.

tionally neglect or refuse to make, or to file, such report, they shall severally be deemed guilty of a misdemeanor, and upon conviction thereof, shall be punished by a fine, not exceeding five hundred dollars.

SEC. 14. Every such corporation shall, by their corporate name, have power to acquire, use, and hold all such real and personal estate, by lease or purchase, as shall be necessary for the purpose of carrying on the business of such corporation, with the full right of selling and disposing thereof, when not further needed for the use of such corporation: Provided, That their real estate shall not exceed fifteen thousand acres. They shall have power, and the right, in any of the navigable waters of this State, named in their articles of association, to construct, use, and maintain all necessary booms, for the business of such corporation: Provided, always, That they shall first have obtained from the owner, or owners, of the shores along which, or in front of which they desire to construct such boom, or booms, either by lease or purchase, their permission to erect and maintain such boom or booms in front of his or their Further proviso. lands: And provided further, That such boom or booms shall, so far as practicable, be so constructed and used as to allow of the free passage of boats, vessels, rafts, logs, timber, lumber, or other General powers. floatables along such waters. They shall have power to carry on the business of driving, booming, rafting, and running, assorting and delivery of logs, timber, lumber, or other floatables, or either of them, as they may from time to time determine, and shall have power to make all necessary contracts for such driving, booming, rafting, and running, assorting, and delivery; and for the running, driving, and booming, rafting, assorting, and delivery of such logs, lumber, timber, and other floatables, whether done under contract or otherwise, the said corporation shall have a right to charge and collect such uniform and reasonable sum as is hereinLien on logs, etc. after provided; and such corporation shall have a lien on the logs, timber, or other floatables, driven, boomed, rafted, or run, and be entitled to retain possession thereof, or so much thereof as may be necessary to satisfy the same, and all expenses for taking care thereof, until the same shall be determined, satisfied, and paid, in the manner hereinafter prescribed, and whenever any such logs, timber, lumber, or other floatables shall be delivered by any duly authorized corporation, to any other duly authorized corporation, for transportation or delivery at its proper destination, such lien shall remain a lien upon such logs, timber, lumber, or other floatables, for the benefit of said corporation, until the same shall have reached its proper destination, and said first corporation shall be deemed not to have lost its lien on the said logs, timber, lumber, or other floatables, and shall have power to take and retain possession of the same, in common with any other party having a subsequently acquired lien thereon, or so much of the same as may be necessary to satisfy the amount of such boomage, and charges for rafting, or running, until the same shall be determined, satisfied, and paid in the manner hereinafter prescribed; and all charges for running, driving, booming, towing, or rafting of saw-logs or

A