county jail for a period of not less than thirty days nor more than six months. ations of amount penalties there etc., received statement, shall tained by false (3000.) SEC. 36. If any stock company, or any company organ-'False representized under the plan of mutual insurance under this act, or the of capital stock; act of [or] acts of which this is amendatory, shall, by means of for. any advertisement, notice or statement printed in any newspaper, or by means of any written or printed, or partly written and partly printed notice, circular, or handbill, or by any agent, or other person acting for said company, or by other means, falsely represent, publish, or hold out to the public that the capital stock of such company, or the stock or guaranty capital of any such mutual company, is greater or of a larger amount than the actual cash market value of such capital stock or guaranty capital, every director, officer, or agent of such company guilty of any participation therein shall be deemed guilty of a misdemeanor, and on conviction thereof shall be punished as provided in section thirty-five of this act; and Money, note, if any such company, after any such false statement or representa- after such false tion, notice, advertisement, or circular shall have been given out, be deemed obcirculated, or published, shall receive any money, note, or obliga- pretenses. tion for the payment of money from any person, as a consideration for any insurance made, or policy issued, or to be issued by such company, [the] directors, officers, or agents of such company shall be deemed to have obtained such money, note, or obligation by false pretenses, designedly, with intent to defraud or cheat the person paying such consideration, and shall be punished the same as persons guilty of obtaining property or money by false pretenses, designedly, with intent to defraud and cheat another, and shall also be liable in damages to the person from whom the money, note, or obligation was obtained, in an action in the case, for double the amount of the money and note or obligation so obtained, and shall also be jointly and severally liable to the person insured, to pay all losses covered by such insurance: Provided, That the said company Proviso. may proceed with its business, receiving money, issuing policies, whenever the circuit judge for the judicial circuit where the office of said company is located shall certify from proof adduced before him, either that such publication was by mistake, or that the directors, officers, or agents making the same have been dismissed from the service of the said company, and whenever, also, the said company shall publish such true statement of its affairs as the said circuit judge shall direct. Farmers' mutual insurance com sure farm build ings solely, not subject to this act. (3001.) SEC. 37. The provisions of this act shall not apply to panies, which in- farmers' mutual insurance companies, which insure farm buildings and contents solely, as now organized, or that may hereafter be organized, under act number two hundred and sixty-two of Session Laws of eighteen hundred and fifty-nine, and the acts amendatory thereof relative to insurance companies, but such companies shall continue to be subject to the provisions of act number two hundred and sixty-two of the laws of eighteen hundred and fifty-nine, approved February fifteen, eighteen hundred and fifty-nine, entitled, "An act for the incorporation of insurance companies, and defining their powers and duties," and the acts amendatory thereof. (3002.) SEC. 38. Any persons required by the provisions of this act to take any oath or affirmation, who shall make any false oath or affirmation, shall be deemed guilty of perjury. Penalty for false swearing. Acts repealed. Amendments of articles of association. (3003.) SEC. 39. All acts or parts of acts inconsistent herewith are hereby repealed. (3004.) SEC. 40. Any company formed under this act shall have the power to amend its articles of association at any regular meeting of the stockholders or members called by the directors for that purpose; but notice of such meeting, and of the purpose for which it is called, shall be served on each of the stockholders, or, if it is a mutual company, on each of the members, either personally or by directing the same through the postoffice to the last known postoffice address of such stockholder or member, at least three weeks Must be submit- previous to such meeting; but such amendments shall not take ted to Attorney effect until submitted to the Attorney General, and certified by him not to conflict with the Constitution or laws of this State, nor until a copy thereof, signed by the president and secretary of the company, shall be filed in the office of the Secretary of State, and of the county clerk where the original articles were filed. 1 General. Acts repealed. 1 (3005.) SEC. 41. All acts or parts of acts inconsistent with the provisions of this act are hereby repealed.1 1 As added by Act 92 of the Laws of 1871, p. 132, approved and took effect April 12, 1871. CHAPTER C. BOARDS OF TRADE AND CHAMBERS OF COMMERCE. An Act for the incorporation of boards of trade of trade and chambers of commerce. [Approved March 19, 1863. Laws of 1863, p. 303.] authorized. (3006.) SECTION 1. The People of the State of Michigan enact, Boards of trade That any number of persons, not less than twenty, residing in any city, town, or county, may associate themselves together as a board of trade, and assemble at any time and place upon which a majority of the members so associating together may agree, and elect a president, one or more vice-presidents, and such other officers as officers of may be determined upon, adopt a name, constitution, and by-laws, Names, etc. such as they may agree upon, and shall thereupon become a body corporate and politic, in fact and in name, by the name, style, or Body corporate. title which they have adopted, and by that name shall have succession, shall implead and be impleaded, answer and be answered, defend and be defended, in all courts of law and equity whatever, and they and their successors shall have a common seal, and may common seal. alter and change the same at any time, at their discretion. 1 1 (3007.) SEC. 2. Said corporation shall have the right to admit as Membership. members such persons as they may see fit, and expel any member or person they may see fit; and in all cases a majority of the mem- By-laws. 1 As amended by Act 68 of the Laws of 1865, p. 81, approved and took effect February 20, 1865. Constitution and cases the constitution and by-laws adopted by such corporation by-laws binding until amended. shall be binding upon and control the same until altered, changed, or abrogated, in the manner that may be prescribed in said constitution: Provided, That any amendment to said by-laws, or motion to repeal the same, shall be made at a meeting next previous to that on which a vote is to be taken to repeal or amend. Proviso. Corporation may hold real and (3008.) SEC. 3. Said corporation, by the name and style which personal estate. shall be adopted, may receive and hold property and effects, real and personal, by gift, devise, or purchase, and dispose of the same by sale, lease, or otherwise, said property so held not to exceed at any time the sum of one hundred thousand dollars. Election and appointment of officers. Committee of reference, arbi peal. (3009.) SEC. 4. The time and manner of holding elections, and making appointments of such officers as are not elected, shall be established by the constitution or by-laws of such corporation. The president and vice-presidents shall be ex officio members of the board of directors, and, together with the directors elected, shall manage the business of said corporation. (3010.) SEC. 5. Said corporation may constitute and appoint tration, and ap- committees of reference and arbitrations, and committees of appeals, who shall be governed by such rules and regulations as may be prescribed in rules or by-laws for the settlement of such matters of difference as may be voluntarily submitted for arbitration by members of such association, or by other persons not members thereof; Powers of chair- the acting chairman of either of said committees, when sitting as arbitrators, may administer oaths to the parties and witnesses, and issue subpoenas and attachments compelling the attendance of witnesses, the same as justices of the peace, and in like manner directed to any constable to execute. man. When execution may issue on award. Bond and oath of officers. (3011.) SEC. 6. When any submission shall have been made in writing, and a final award shall have been rendered, and no appeal taken within the time fixed by the rules or by-laws, then on filing such awards and submission with the clerk of the circuit court of the county where either of the justices reside, an execution may issue upon such award as if it were a judgment rendered in the circuit court, and such award shall thenceforth have the force and effect of such a judgment, and shall be entered upon the judgment docket of said court. (3012.) SEC. 7. It shall be lawful for such corporation, when they shall think proper, to receive and require of and from their officers, whether elected [or] appointed, good and sufficient bonds for the faithful discharge of their duties and trusts; and the president, vice-presidents, or secretary is hereby authorized to admin ister such oaths of office as may be prescribed in the by-laws of such corporation; said bond shall be made payable and conditioned as prescribed by the by-laws of such corporation, and may be sued, and the moneys collected and held for the use of the party injured, or such other use as may be determined upon by said corporation. appointment (3013.) SEC. 8. Said corporation shall have power to appoint one Inspector; or more persons, as they may see fit, to examine, weigh, measure, and duties of. gauge, or inspect flour, grain, provisions, liquor, lumber, or any other article of produce or traffic commonly dealt in by the members of said corporation; and the certificate of such person or Certificate of. inspector as to the quality or quantity of such article, or their brand or mark upon it, or upon any package containing such article, shall be evidence between buyer and seller of the quantity, grade, or quality of the same, and shall be binding upon the members of said corporation, or others interested, and requiring or assenting to the employment of such weighers, measurers, gaugers, or inspectors; nothing herein contained, however, shall compel the employment by any one of any such appointee. may inflict fines. (3014.) SEC. 9. Said corporation may inflict fines upon any of its Corporation members and collect the same, for breach of its rules, regulations, or by-laws, but no fine shall exceed five dollars; such fines may be collected by action of debt before a justice of the peace, in the name of such corporation. (3015.) SEC. 10. Such corporations shall have no power to do or Restrictions. carry on any business, excepting such as is usual in the manage ment of boards of trade or chambers of commerce, as provided in the foregoing sections of this bill. |