In the Circuit Court for the County of. Plaintiff. V8. Defendant. Gar. Def't. A. D...-., To said garnishee defendant: Yours, etc., Approved July 5, 1889. Plaintiff's Attorneys. [No. 267.] AN ACT to amend section three of act number one hundred and forty-eight of the public acts of eighteen hundred and sixtynine, being an act entitled "An act to revise and consolidate the several acts relating to the support and maintenance of poor persons," approved April fifth, eighteen hundred and sixty-nine, being section seventeen hundred and fifty-seven of Howell's Annotated Statutes. amended. SECTION 1. The People of the State of Michigan enact, That Section section three of act number one hundred and forty-eight of the public acts of eighteen hundred and sixty-nine, being an act entitled "An act to revise and consolidate the several acts relating to the support and maintenance of poor persons," approved April fifth, eighteen hundred and sixty-nine, being section seventeen hundred and fifty-seven of Howell's Annotated Statutes, be and the same is hereby amended so as to read as follows: transact busi SEC. 3. A majority of the persons so appointed shall be at all Majority may times competent to transact business, and to execute any powers ness. vested in the board of superintendents, and they shall be allowed Compensation. such sum for their actual attendance and services as the board of supervisors of the county shall deem reasonable, but not less than one dollar and fifty cents for each day's service, and in addition to their actual and necessary expenses. This act is ordered to take immediate effect. Appropriation and purpose of. Who to make purchase. [No. 268.] AN ACT making an appropriation of four thousand dollars for the purchase of certain real estate to be attached to the Soldiers' Home grounds and to become a part thereof. SECTION 1. The People of the State of Michigan enact, That the sum of four thousand dollars be and the same is hereby appropriated out of the treasury, not otherwise appropriated, for the purchase of certain real estate belonging to Fred. Saunders and A. M. Whitney, of the township of Grand Rapids, Kent county, Michigan, said real estate comprising about three-quarters of an acre of ground with appurtenances thereto belonging, and adjoining the Soldiers' Home grounds upon the northwest corner thereof; the same to be attached to the Soldiers' Home grounds and become a part thereof. SEC. 2. The board of managers of the said Soldiers' Home is hereby empowered to purchase said real estate, paying therefor a sum not to exceed the amount herein appropriated, upon the owners of said real estate conveying to the State of Michigan a good and perfect title thereto. This act is ordered to take immediate effect. Five or more may incorporate. Articles of association. What to state. Names, etc. Name, office, etc. [No. 269.] AN ACT to provide for the incorporation of co-operative associations having for their object the insurance of the lives of horses, cattle and other farm stock. SECTION 1. The People of the State of Michigan enact, That any number of persons not less than five, who shall be citizens of this State, desiring to become a body corporate for the purpose of carrying [on] upon the assessment or co-operative plan, the business of insuring the lives of horses, cattle and other farm stock may, by complying with the provisions hereof, become, with those that may hereafter be associated with them or their successors, a body corporate and politic. SEC. 2. The persons proposing the formation of such corporation shall associate by signing articles of association in duplicate and acknowledging the same before some officer of this State authorized to take the acknowledgment of deeds and who shall append thereto his certificate of such acknowledgment. SEC. 3. Such articles shall state: First, The names of the persons associating in the first instance and their respective residences; Second, The name by which such corporation shall be known in law, the place in this State where its principal office for the transaction of its business is to be located, and the period for which it is to be incorporated, not exceeding thirty years; Third, The object of the incorporation, the number of classes Object. or divisions of members, and the object or purpose of each classification or division, all of which shall be definitely and correctly stated; Fourth, In what manner and amount assessments, premiums, or Assessments. payments are to be required from the number, the purposes and objects to which the moneys so realized are to be appropriated, and the names and objects of each fund into which any of such money shall be paid; Fifth, The number of its trustees and regular officers, and the officers, and time and place of holding the annual meeting of members; annual meeting. Sixth, The ages within which such animals shall be insured, Miscellaneous. and such other matters not inconsistent with this act as may be approved by the Attorney General and commissioner of insurance as hereinafter provided. approve. SEC. 4. Upon the execution and acknowledgment of such arti- Articles, who to cles, the same shall forthwith be submitted to the Attorney General and commissioner of insurance for examination, and if such articles shall be found to comply with the provisions of this act, said officers shall respectively indorse the same with their approval, and said articles shall thereupon be filed and recorded Where filed. in the office of the Secretary of State and of the clerk of the county in which the principal office of the corporation is located, and a certified copy thereof shall be filed in the office of the commissioner of insurance. Notice of the intention to organize such Notice of corporation shall be published for four consecutive weeks in published. some newspaper published in the county in which its principal office is to be located, and proof of such publication shall be presented to the Attorney General at the time the articles of association are submitted to him for examination as aforesaid. intention to be corporate, etc. SEC. 5. Upon the recording and filing of such articles as afore- To be a body said, the signers thereof shall, with those who may thereafter become associated with them, become and be a body corporate and politic for the purpose set forth in said articles. The Secretary of State and the county clerk aforesaid shall each certify on said articles the fact of recording as aforesaid, giving the date and book and page of record. The original articles of the record Articles to be thereof or a copy thereof, certified by Secretary of State, shall be prima facie evidence in all proceedings of the due formation, existence and capacity of such corporation; but such articles of Articles, when association shall become void on the expiration of one year from certificate. the day of record thereof, unless a certificate of authority to do business has been issued as hereinafter provided. evidence, etc. vold without mence business, SEC. 6. Such corporation shall not commence business unless it When may comshall have procured bona fide agreements for insurance to an etc. amount in the aggregate of not less than ten thousand dollars and shall have received at least one assessment thereon in cash or good and collectible promissory notes from each of such persons according to the rate and plan set forth in its articles of association, which amount so received in cash and by note shall aggregate at least two thousand dollars; not until it has organized by the elec ments to be furnished. tion of the proper officers and the secretary and treasurer shall have given good and sufficient bonds to the association to be held by the president of the association for the faithful performance of their duties, which bonds shall not be less than five hundred dollars, and shall be at least twice the amount of money liable to come into their hands as such officers at any one time, said bonds Proof of agree to be approved by the commissioner of insurance. The president and secretary of such corporation shall furnish, under oath, to the commissioner of insurance, proof of such agreements for insurance, giving the name, residence, age and amount of insurance applied for by each applicant and the amount of assessment actually paid by each applicant, and also proof of the election and qualification of the officers, and the custodian of the funds of such corporation. shall furnish to the commissioner of insurance a certificate, under oath, that he has received and holds in trust for the benefit of the beneficiaries of such applicants the sum of five hundred dollars or Sworn certif cate of moneys held in trust. Authority to do business. Trustees, election of, etc. Proviso. In case of failure to elect, etc. Special elections. Qualifications of trustees. Officers, etc. Quorum. By-laws. Books, etc., where kept. Emergency fund. more. SEC. 7. Upon compliance with the provisions of this act, and upon payment of a fee of ten dollars for the benefit of the State to the commissioner of insurance, he shall issue to the corporation so complying a certificate of authority to do business in this State for the period of one year from the first day of April of the year of its issue, unless the same be sooner revoked. SEC. 8. The property, business and affairs of such corporation organized under the laws of this State, shall be managed by not less than five nor more than twenty trustees, to be chosen by and from the members at their annual meeting. They shall hold office for one year, and until their successors are chosen: Provided, It shall be lawful to designate the trustees, who shall be members, for the first year in the articles of association. If for any reason trustees shall not be elected at the annual meeting in any year, the corporation shall not be thereby dissolved or impaired, but an election may be held at any time within one year thereof, to be fixed, and notice thereof to be given by the secretary in the manner hereinafter specified for calling special meetings of the members, and in case of a refusal or neglect to call such election, any twentyfive members may call the same upon the same notice as hereinafter provided for calling special meetings of the members. All of such trustees shall be citizens of the United States, and a majority shall be residents of the State of Michigan. SEC. 9. The trustees shall choose from their members such officers as the articles of association or by-laws may prescribe. They may also appoint such agents and employés as may from time to time be required. ness. SEC. 10. A majority of the trustees duly convened according to the by-laws shall constitute a quorum for the transaction of busiThe trustees shall adopt by-laws and regulations not inconsistent with the articles of association or the provisions of this act. SEC. 11. The books, papers and documents of such corporation organized under the laws of this State shall be kept at its principal office, and every such corporation shall provide, in its articles of association, for the accumulation of an emergency fund, which shall not at any time be less than the maximum amount at risk on any one life, which fund, together with the income thereon, shall be a trust fund for the payment of death claims; said fund shall be accumulated within one year from the date of their incorporation. Such fund, with the income thereof, shall be deposited under trust deeds to the credit of the corporate name of the corporation in some incorporated bank or banks, or may be invested by the trustees in its corporate name in such securities as insurance companies are allowed by law to invest their funds. ments. Such corporations organized in this State shall not have the power when may hold to take or hold real estate, except such as may be required in the real estate. foreclosure of mortgages, and all real estate acquired in the foreclosure of mortgages shall be sold or disposed of within five years after the title has been perfected in any such corporation. Annual Annual statestatements of the transactions and financial condition of such corporation shall be made at the annual meeting of its members and a copy of each annual statement filed with the insurance department of this State, in so far as it relates to its financial transactions and condition, and its certificate or policy account shall be mailed to every member within thirty days from the date of filing such statement. titled to vote. SEC. 12. Every person having property insured in any such Members encorporation organized in this State shall be a member of such corporation, and shall be entitled at all meetings of the members. to at least one vote, and may vote in person or by proxy under such rules and regulations as may be provided in the by-laws of such corporation. The books of such corporation or association Books open to shall be open for inspection by any member of said organization inspection. at any of its meetings. SEC. 13. Special meetings of the members may be called by Meetings. the trustees at any time when deemed advisable, and notice of all meetings of the members shall be given by mailing to each member a copy of such notice, postage prepaid, and directed to his last known postoffice address at least fifteen days prior to the time fixed for such meeting, and such notice shall state the time, place, and if it be a special meeting the purpose of such meeting. SEC. 14. Corporations organized in this State shall not take Name. any name in use by any other organization of this State, or so closely resembling such name as to mislead the public as to its identity. of, etc. SEC. 15. Every policy, or certificate, hereafter issued by any Policy, contents corporation organized in this State, and doing business under this act, and promising a payment to be made upon a contingent of death, shall specify the sum of money it promises to pay upon the contingency insured against, and the number of days after the satisfactory proof of the happening of such contingency at which such payment shall be made; and upon the occurrence of such contingency, unless the contract shall have voided by fraud or by breach of its conditions, the corporation shall be obligated to the obligation of beneficiary for such payment at the time and to the amount speci- corporation. |