An Act for the better promotion of the interests of agriculture, manufactures, and the mechanic arts. [Approved February 7, 1867. Laws of 1867, p. 15.] agriculture, etc. (2180.) SECTION 1. The People of the State of Michigan enact, Advancement of That in any county in this State where the inhabitants thereof have organized and established more than one society for the encouragement and advancement of agriculture, manufactures, and the mechanic arts, in accordance with the provisions of section. sixteen hundred and eighty-seven of the Compiled Laws, the board of supervisors of said county may apportion the amount raised by Apportionment tax in said county, by the provisions of sections sixteen hundred and eighty-seven, sixteen hundred and eighty-eight, and sixteen hundred and eighty-nine of the Compiled Laws, among cach of said societies, as they may deem equitable and just. of taxes for. tioned. (2181.) SEC. 2. When the inhabitants of parts of two or more Taxes apporcounties lying adjacent to each other have united in organizing and establishing a society for the encouragement and advancement of agriculture, manufactures, and the mechanic arts, in accordance with the provisions of section sixteen hundred and eighty-seven of the Compiled Laws, the board of supervisors of each of the said counties may apportion to such society so much of the amount raised by tax in their respective counties, by the provisions of sections sixteen hundred and eighty-seven, sixteen hundred and eighty-eight, and sixteen hundred and eighty-nine of the Compiled Laws, as they may deem equitable and just. SEC. 3. This act shall take immediate effect. CHAPTER LXXXIII. Maritime commerce, or navigation. CHAPTER LXXXIV. For the construction and improvement of canals or harbors, or for the improvement of rivers for the purposes of navigation. CHAPTER LXXXV. For the improvement of rivers for the purposes of navigation. CHAPTER LXXXVI. Water-power companies. CHAPTER LXXXVII. Rafting companies. CHAPTER LXXXVIII. For the running, booming, and rafting of logs. CHAPTER LXXXIX. Mechanics' associations. CHAPTER XC. Co-operative associations. CHAPTER XCI. Trades unions as mechanics' associations. CHAPTER CVII. Father Matthew total abstinence benevolent societies. CHAPTER CVIII. Religious societies. CHAPTER CIX. Institutions of learning. CHAPTER CXX. Independent Order of Good Templars. CHAPTER CXXI. St. George's societies. CHAPTER CXXII. Pocahontas Tribes of Improved Order of Red Men. CHAPTER CXXIV. Gymnastic associations. CHAPTER CXXV. Skating parks or rinks, and parks kept for ornament, recreation, or amusement. CHAPTER CXXVI. For the detection and apprehension of horse thieves and other felons. CHAPTER CXXVII. Villages. CHAPTER CXXVIII. For the introduction of water into towns, cities, and villages. CHAPTER CXXX. General provisions relating to corporations, sociate. be not less than dollars. (2182.) SECTION 1. The People of the State of Michigan enact, Persons may as That any person or number of persons may associate to establish offices of discount, deposit, and circulation, upon the terms and conditions, and subject to the liabilities, prescribed in this act; but the aggregate amount of the capital stock of any such Capital stock to association shall not be less than fifty thousand dollars. Three- fifty thousand fourths of the capital stock of any bank may be invested in Three-fourths of public stocks, as security for its circulating notes. No bank shall vested in public take, as security for any loan or discount, a lien on any part of its capital stock, but the same security, both in kind and amount, shall be required of shareholders and of persons not shareholders; and no bank shall be the holder or purchaser of any portion of its Bank shall not capital stock, or of the capital stock of any other incorporated curity on its own stock may be in stocks. take lien as se capital stock, nor hold its own stock. company, unless such purchase shall be necessary to prevent loss or other capital upon a debt previously contracted in good faith, on security which at the time was deemed adequate to insure the payment of such debt, independent of any lien upon such stock; and stock so purchased shall in no case be held by the bank so purchasing, for a longer period of time than six months, if the same can be sold for what the stock cost, or at par. Certificate; what to specify. Certificate may be used as evidence. Powers of assoeiation. (2183.) SEC. 2. Such person or persons, under their hands and scals, shall make a certificate in writing, which shall specify: First. The name assumed to distinguish such association, and to be used in all its dealings; Second. The place where the operations of discount and deposit of such association are to be carried on, designating the particular county, city, town, or village, at which place such person or associashall keep an office for the transaction of its business and for the redemption of its circulating notes; Third. The amount of the capital stock of such person or association, and the number of shares into which the same is divided; Fourth. The name and place of residence of the shareholders, and the number of shares held and owned by each of them, respectively; Fifth. The period at which such association shall commence and terminate, and which period shall not exceed thirty years; Sixth. The names and place of residence of the several directors and officers, and the number of shares of the capital stock of such association owned and held by each of such directors and officers; which certificate shall be proved or acknowledged and recorded in the office of the register of deeds of the county where any office of such association shall be established, and a copy thereof filed in the office of the Secretary of State. (2184.) SEC. 3. The certificate required by the last preceding section to be recorded in the office of the register of deeds of the county and filed in the office of the Secretary of State, as aforesaid, or copies thereof duly certified by either of said officers, may be used as evidence in all courts and places, for and against such person or association. (2185.) SEC. 4. Such association, when so organized, shall have power to carry on the business of banking, by discounting bills, notes, and other evidences of debt; by receiving deposits; by buying and selling gold and silver bullion, foreign coins, and bills of exchange; by loaning money on personal security, and by exercis may be taken. ciation. of directors. ing such incidental powers as may be necessary to carry on such association or business: Provided, That it shall not be lawful for what interest any such association to take or receive more than the legal rate of interest, in advance on its loans and discounts; to elect from their officers of assonumber a board of directors not exceeding nine, who may choose out of their number a president and vice president, and appoint a cashier, teller, and such other officers and agents as their business may require, and remove such president, vice president, cashiers, tellers, officers, and agents at pleasure, and appoint others in their place. The directors first elected shall hold their offices till the Terms of office first Monday of June next after their election, and until their successors are elected; and all subsequent elections shall be held Annual elections annually, on the first Monday of June, and the directors then elected shall hold their offices until their successors are elected. Any vacancies in the board may be filled by the remaining directors; and if, from any cause, an election for directors should not be Vacancies; how held on the day appointed, the bank, for that cause, shall not be dissolved, but an election may be held on any subsequent day, thirty days' notice having been given in a newspaper printed in the county where the bank is located, and in a paper printed in Detroit. Each share shall entitle the owner to one vote, but he shall have no vote while any of his paper or liabilities are past due and unpaid. Stockholders may vote by proxy, duly authorized in How stockholdwriting. filled. ers to vote. deemed personal transferable. (2186.) SEC. 5. The shares of such association shall be deemed shares to be personal property, and shall be transferable on the books of the property, and association in such manner as the by-laws thereof may direct; but no transfer of stock shall be valid against the bank so long as the registered holder thereof shall be liable either as principal, debtor, surety, or otherwise to the company, for any debt which shall be due and unpaid; nor in such case shall any dividend, interest, or profits be paid on such shares so long as such liabilities continue, but all such dividends, interests, or profits shall be retained by the bank, and applied to the discharge of such liabilities; and no stock shall be transferred upon the books of any bank, without the consent of a majority of the directors, while the registered holder thereof is indebted to the bank. Such association shall not be dissolved by the death, removal, or insanity of any of the shareholders therein. (2187.) SEC. 6. It shall be lawful for any person or association of Increase of capipersons organized under this act, by their articles of association, to of a sociates. tal, and number |