Proviso as to interest. Reports, when and to whom made. What to exhibit. to repay such loan, together with the interest, by certain periodical installments, hereinafter called loan repayments, extending over such period not less than one nor more than ten years, as shall be stated in such bond and mortgage or note and mortgage: Provided, That such interest shall not exceed seven per centum per annum, and shall be calculated on the amount or balance of principal from time to time owing: Provided, also, That no such borrower shall be charged with or pay any commission in the way of premium or discount on the amount of loan so made to him on security as aforesaid. SEC. 22. Every such society shall make to the commissioner of the banking department not less than four reports during each calendar year, at such times as said commissioner shall require the same, according to the forms which he shall prescribe and furnish. Such reports shall be verified by the oath or affirmation of the president, vice-president, manager or treasurer thereof, and signed by at least three of the directors. Such report shall exhibit in detail, and under appropriate heads. the resources, assets and liabilities of such society at the close of business of any past day by him specified, and shall be transmitted to said commissioner within ten days after the receipt of a request therefor from him and in the same form such reports shall be published in a newspaper in the city. village or county, where such society is located, and proof of publication shall be furnished to said commissioner. Such Special reports. commissioner shall also have the power to call for special reports from any such society whenever, in his judgment, the same are necessary to inform him fully of the condition of such Commissioner societies. He shall also have power at any time he may deem examine condi- proper to enter the office of any such society, either personally tion of society. or by any deputy or examiner employed in his office, for the or deputy may Additional reports. Penalty for failure to make report. purpose of examining into the condition of such society, and be shall at such times have access to all the books and assets of such society, so that he may determine fully the nature and quality of the assets of such society and its method of doing business; and it shall be his duty to make such examination at least once in each year and he shall receive for each examination so made by him one-tenth of a mill on a dollar of the assets of the society, to be paid by the society examined at the time of the examination. In addition to the reports required above, every such society shall report to the commissioner within ten days after declaring any dividend the amount of such dividend, the amount carried to surplus fund, and the amount of net earnings in excess thereof; such report to be verified by the oath or affirmation of one of the executive officers of such society. SEC. 23. Every such society failing to make and transmit to the commissioner any of the reports required by this act shall be subject to a penalty of one hundred dollars for each day after the time mentioned above for making such reports. Whenever any such society delays or refuses to pay the penalty sioner may ceedings for herein imposed for a failure to make and transmit a report the commissioner is hereby authorized to maintain an action in the name of his office against such delinquent society for the recovery of such penalty, and all sums collected by such action shall be paid into the State Treasury and applied upon the expenses of the banking department. Whenever the Commis- When Commissioner of the Banking Department shall upon knowledge, in- institute proformation or belief derived from any report made to him by dissolution of any such society, or from any other source, be satisfied that society. the business of such society is being conducted in a manner inconsistent with the provisions of this act, or any of the laws of this State, and prejudicial to the interests of the creditors of such society, or if upon the consideration of such reports said banking commissioner shall deem such society to be insolvent or to have conducted its business in a manner inconsistent with the provisions of this act, or of any of the laws of this State, he shall report the facts to the Attorney General, whose duty it shall be if the facts so reported warrant it, to institute proceedings against such society for the dissolution thereof, in the proper court and in the same manner as any other corporation may be proceeded against and dissolved. It is hereby made the duty of the Commissioner of the Banking Department to enforce the provisions of this chapter and the other laws of this State applicable to the societies hereby authorized. Approved June 23, 1899. 60 JOINT RESOLUTIONS, 1899. [No. 1.] JOINT RESOLUTION relative to the Binding of the Compiled Laws of eighteen hundred ninety-seven. WHEREAS, The Compiled Laws of eighteen hundred ninety-seven have proved to be too voluminous and bulky to be bound in two volumes, with a separate index, as provided by act number twenty-six of eighteen hundred ninety-seven; therefore, Resolved by the Senate and House of Representatives of the State of Michigan, That the Board of State Auditors shall forthwith cause the text of said Compiled Laws of eighteen hundred ninety-seven to be firmly and substantially bound in three equal-sized volumes with appropriate title pages, tables of contents, etc., and shall cause the index to the same, as soon as the printing thereof is completed, to be bound in the same manner as the volumes of the text, the said several volumes to be labeled and numbered on the backs thereof in the same manner as provided in said act number twenty-six of eighteen hundred ninety-seven. Be it further Resolved, That one hundred and fifty copies of said Compiled Laws of eighteen hundred ninety-seven be bound, as soon as possible, for the use of the members of the Legislature, each volume of said one hundred and fifty copies to be stamped "Legislature" on one side thereof, and to be deposited with the State Librarian at the close of this session for the use of future legislatures. This Joint Resolution is ordered to take immediate effect. [No. 2.] JOINT RESOLUTION to provide for the appointment of a representative of the State of Michigan to attend to exhuming of bodies of Michigan soldiers in Cuba, Porto Rico and in the United States outside of Michigan, and to transporting to and burying them at their homes, and for the payment of the compensation of such representative and the expense attendant thereon. Resolved by the Senate and House of Representatives of the State of Michigan, That the Governor shall appoint a person to represent the State of Michigan in the matter of exhuming and transporting the bodies of Michigan soldiers; that the special duty of such person shall be to act with officials of the United States Government in the matter of exhuming and transporting the bodies of Michigan soldiers, whether volunteers or regulars, in Cuba, Porto Rico, and places in the United States outside of Michigan; to see that the said work shall be done with proper care, precaution and due respect; that all chances of mistakes in identification and transportation shall be avoided and generally to act as intermediary between the officials of the United States Government and the families or local communities of the State to whom the soldier dead are to be sent, and further to see, where necessary, that they receive suitable burial. And further resolved, That so much of the expense of such exhuming, transporting and burial, as is not assumed by the United States Government, and the compensation for the services and expenses of said representative, and all other necessary expenses incurred in carrying out the object of this resolution shall be stated in account, duly sworn to, and after approval by the Governor, shall be paid by the State Treasurer upon the warrant of the Auditor General out of any moneys not otherwise appropriated, provided that the amount of per diem or other personal compensation for such representative shall be determined by the Board of State Auditors, subject to the approval of the Governor, prior to the commencement of said work. This Joint Resolution is ordered to take immediate effect. [No. 3.] JOINT RESOLUTION to amend Section Six of Article Six of the Constitution of the State of Michigan, relative to Circuit Courts. Resolved by the Senate and House of Representatives of the State of Michigan, That the following amendment to the constitution of this State be and the same is herby proposed, that is to say, that Section Six of Article Six of said Constitution be amended so as to read as follows: SEC. 6. The State shall be divided into Judicial Circuits, in each of which the electors thereof shall elect one circuit judge, who shall hold his office for a term of six years, and until his successor is elected and qualified. The legislature may provide for the election of more than one circuit judge in the judicial circuit in which the city of Detroit is or may be situated, and in the judicial circuit in which the county of Saginaw is or may be situated, and in which the judicial circuit in which the county of Kent is or may be situated, [and in the judicial circuit in which the county of St. Clair is or may be situated.] And the circuit judge or judges of such circuits, in addition to the salary provided by the constitution, shall receive from their respective counties such additional salary as may from time to time be fixed and determined by the Board |