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Sections amended.

When bank may liquidate.

Copies of proceedings.

[No. 18.]

AN ACT to amend sections fifty-three and fifty-four of act number two hundred five of the Public Acts of eighteen hundred eighty-seven, entitled "An act to revise the laws authorizing the business of banking and to establish a banking department for the supervision of such business," being sections eight thousand twenty-one and eight thousand twenty-two of the Compiled Laws of nineteen hundred fifteen, and to add two new sections to said act to stand as sections fifty-four a and fifty-four b.

The People of the State of Michigan enact:

SECTION 1. Sections fifty-three and fifty-four of act number two hundred five of the Public Acts of eighteen hundred eighty-seven, entitled "An act to revise the laws authorizing the business of banking and to establish a banking department for the supervision of such business," being sections eight thousand twenty-one and eight thousand twenty-two of the Compiled Laws of nineteen hundred fifteen, are hereby amended to read as follows:

SEC. 53. Any bank organized under the provisions of this act may go into liquidation and be closed by a vote of its stockholders owning two-thirds of its capital. It shall be the duty of the Commissioner of the Banking Department to cause to be filed in his office, with the Secretary of State and in the office of the clerk of the county in which the bank is located, by such bank, certified copies of all such proceedings had by the directors and stockholders thereof, which such stockholders' proceedings shall set forth that stockholders owning at least two-thirds of the capital stock, voted in favor of placing the bank in liquidation, and shall also among other things set forth the reasons for placing the bank in liquidation. After certified copies of the stockholders' proceedings have been filed with the Commissioner of the Banking Department, he shall make an examination of the bank for the purpose of determining whether or not its depositors and creditors will be defeated and defrauded by such liquidation in the collection of their claims against said bank. The expenses of such examination shall be paid by the bank, but shall not exceed ten dollars per day for each examiner, and actual Report, bank expenses incurred while making the examination.

Examination.

Expenses, per diem.

to make.

Such

bank so in liquidation shall make a report to the Commissioner of the Banking Department at least once each thirty days from and after the time the bank ceases to transact business as such, which report shall give a list of assets wholly or partially realized upon, together with the amount of each so remaining uncollected, and also a list of the liabilities retired by application of such amount so realized. Said Commis

liquidation.

sioner of the Banking Department shall have power to examine into the affairs of the bank so liquidating, at any time for the purpose of determining that the rights of the Notice of creditors and depositors are being subserved. The board of directors shall cause notice of such liquidation, notifying creditors to present their claims against the bank for payment, to be published once in each week for eight successive weeks in a newspaper published in the city, village or county in which the bank is located, or if no newspaper is there published then in a newspaper published at the nearest county seat.

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of banks.

effective.

SEC. 54. A bank which is in good faith winding up its Consolidation business for the purpose of consolidating with some other State bank may transfer its assets and liabilities to the bank with which it is in process of consolidation: Provided, how- Proviso, when ever, That before such consolidation shall become effective each bank concerned in such consolidation, shall file or cause to be filed with the Commissioner of the Banking Department, with the Secretary of State and in the office of the clerk of the county in which the bank is located, certified copies of all proceedings had by its directors and stockholders, which such stockholders' proceedings shall set forth that stockholders owning at least two-thirds of the stock voted in the affirmative on the proposition of liquidation and consolidation. Such stockholders' proceedings shall also contain a copy of the agreement made and entered into between the banks. Upon filing stockholders' proceedings as aforesaid, Examination. the Commissioner of the Banking Department shall cause to be made an examination of each bank, and his consent to or rejection of such liquidation and consolidation shall be based thereon. No such consolidation shall be made without the consent of the Commissioner of the Banking Department, and not then to defeat or defraud any of the creditors, of either of them. The expenses of such examination shall be paid by the banks, and shall not exceed ten dollars per day for each examiner, and the actual expenses incurred while making the examination.

Expense of, paid, etc.

by whom

added.

SEC. 2. There is hereby added to said act number two Sections hundred five of the Public Acts of eighteen hundred eightyseven, two new sections to stand as sections fifty-four a and fifty-four b, to read as follows:

SEC. 54a. Any bank organized under this act may consolidate with or purchase the assets and assume the liabilities of any national banking association organized under the laws of the United States. In case any bank organized hereunder is to be absorbed by a national banking association the Commissioner of the Banking Department shall require to be filed in his office, with the Secretary of State and in the office of the clerk of the county in which the bank is located, certified copies of all proceedings had by the stockholders of each bank, which shall set forth that stockholders owning at least two-thirds of the capital stock voted in favor of such liquida

Banking

National Association, banks may with. Certified whom filed.

consolidate

copies, with

Agreement.

Certified copy of consent.

Bank to file copy of proceedings.

tion and consolidation. Such stockholders' proceedings shall also recite an exact copy of the agreement made and entered into between the banks at interest. Such Commissioner of the Banking Department shall also require the national banking association to furnish certified copy of consent of the comptroller of the currency to such consolidation, liquidation or purchase as required by the laws of the United States. In the instance of a bank organized hereunder absorbing a national banking association organized under the laws of the United States, before any such consolidation shall become effective each bank shall file with the Commissioner of the Banking Department certified copies of all proceedings had by its stockholders, which proceedings shall set forth that stockholders owning at least two-thirds of the capital stock voted in the affirmative on the proposition of such consolidation or purchase. A copy of the agreement made and entered into by and between the stockholders of each bank shall be set forth at length in such stockholders' proceedings. In addition, the national banking association shall be required to furnish a certified copy of consent of comptroller of the currency to such liquidation or consolidation under section five thousand two hundred twenty, revised statutes of Commissioner, the United States. It shall also be the duty of the Commissioner of the Banking Department to cause an examination of each bank and no such consolidation shall be made without the consent of the Commissioner of the Banking Department, and not then to defeat or defraud any of the creditors of either of the banks parties to such consolidation. The expenses of such examinations shall be paid by the banks but shall not exceed ten dollars per day for each examiner and the actual expenses incurred while making the examinations.

duty of.

Expenses.

Bank making outright purchase, what required.

SEC. 54b. Where any bank organized hereunder is making an outright purchase of the capital stock of another bank for the purpose of retiring same and takes over all assets and assumes all liabilities, the Commissioner of the Banking Department shall require the stockholders of the bank so disposing of its business to authorize such sale by a vote of stockholders owning at least two-thirds of the capital stock, and the Commissioner of the Banking Department may in his discretion require authorization of such purchase by the acquiring bank by a two-thirds vote of its directors or stockholders, and may in his discretion make an examination of either or both of such banks before consenting to the transaction. Certified copies of all stockholders' and directors' proceedings, as aforesaid, shall be filed with the Commissioner of the Banking Department, Secretary of State and in the office of the clerk of the county in which such banks are located, and shall contain in detail the particulars relating to such sale and purchase, and a copy of any agreement made and entered into by and between the stockholders and directto consent to ors of the respective banks. No such sale or purchase shall be made without the consent of the Commissioner of the Bank

Certified

copies, where filed.

Commissioner

sale or pur

chase.

ing Department, and not then to defeat or defraud any of the creditors of either of them. The expenses of such examina- Expenses, tions shall be paid by the banks and shall not exceed ten dol- per diem. lars per day for each examiner and the actual expenses incurred while making the examinations. Approved March 18, 1919.

[No. 19.]

AN ACT to provide for the construction, improvement and maintenance of trunk line highways.

The People of the State of Michigan enact:

sioner,

State Highway Commis. highways under control of.

er, to make surveys, etc.

SECTION 1. All trunk line highways, established under the provisions of act number three hundred thirty-four of the Public Acts of nineteen hundred thirteen, as amended, shall hereafter be constructed, maintained and improved, in accordance with the provisions hereof under the direction, supervision and control of the State Highway Commissioner. Said Commissioncommissioner is hereby authorized and directed to make surveys and proper plans and specifications and take charge of the construction and maintenance aforesaid. For the purpose of securing a more direct location a change in the line of any said road may be made if agreed upon by the State Highway Commissioner and board of county road commissioners, if said road is a county road, or by the State Highway Commissioner and the board of good roads district commissioners, if said road is under the control of such board, or by the State Highway Commissioner and the township board, if said road is a township road.

cost of con

structing, etc.

SEC. 2. The cost of constructing, improving and maintain ing State trunk line highways shall be met in part by the State, and in part by the county good roads district, or township, as the case may be, in accordance with the provisions hereof. If the road to be constructed, maintained or improved is a county road, then the portion of the cost to be paid by the county concerned shall be determined as follows: Counties having a valuation per trunk line mile of less than Counties to fifty thousand dollars, shall pay ten per cent of said cost; counties having a valuation per trunk line mile of more than fifty thousand dollars and less than seventy-five thousand Fifteen per dollars shall pay fifteen per cent of said cost; counties having a valuation per trunk line mile of more than seventy-five thousand dollars and less than one hundred thousand dollars shall Twenty per pay twenty per cent of said cost; counties having valuation per trunk line mile of more than one hundred thousand dol

pay ten per cent of cost.

cent.

cent.

Twenty-five per cent.

Thirty per cent.

Thirty-five per cent.

Forty per cent.

Forty-five per cent.

Fifty per cent.

State to pay remainder.

Plans, surveys, etc., how prepared. Valuation, how determined.

Township road, how paid.

Valuation,

how determined.

Money raised by taxation or bonds.

lars and less than one hundred fifty thousand dollars shall pay twenty-five per cent of said cost; counties having a valuation per trunk line mile of more than one hundred fifty thousand dollars and less than two hundred thousand dollars shall pay thirty per cent of said cost; counties having a valuation per trunk line mile of more than two hundred thousand dollars and less than three hundred thousand dollars shall pay thirty-five per cent of said cost; counties having a valuation per trunk line mile of more than three hundred thousand dollars and less than four hundred thousand dollars shall pay forty per cent of said cost; counties having a valuation per trunk line mile of more than four hundred thousand dollars and less than five hundred thousand dollars shall pay forty-five per cent of said cost; counties having a valuation per trunk line mile of more than five hundred thousand dollars shall pay fifty per cent of said cost. In any case the State shall pay the remainder of the cost out of any moneys in the State highway funds not otherwise appropriated. Plans, surveys and specifications shall be prepared under the direction and supervision of the State Highway Commissioner. The valuation per trunk line mile of any county shall be determined by dividing the equalized valuation of such county by its allotted trunk line mileage, computed on the basis of the number of surveyed townships in said county in accordance with the provisions of act three hundred thirty-four of the Public Acts of nineteen hundred thirteen, as amended.

SEC. 3. If the road to be constructed, improved or maintained is a township road, or is under the supervision of the board of road commissioners of a good roads district, the township or the good roads district, as the case may be, shall pay on the same basis as is provided in section two in the case of the improvement of county roads. The valuation per trunk line mile of the township or good roads district shall be determined by dividing the assessed valuation thereof as shown by the assessment roll for the last preceding year by the actual number of State trunk line highway miles within its borders as determined and established by the State Highway Commissioner under the provisions of said act three hundred thirty-four of nineteen hundred thirteen, as amended.

SEC. 4. Counties, townships and good roads districts are hereby authorized to raise money either by taxation or by the issuance of bonds in accordance with the provisions of the general highway law for the building of State trunk line highContracts and ways. Contracts and agreements between the State Highway agreements authorized. Commissioner and the boards of county road commissioners, the boards of commissioners of the good roads districts, and the township boards of any township, providing for the construction, improvement and maintenance of roads in accordance with the provisions hereof, are hereby expressly authorized. The portion of the cost of any road to be constructed, improved or maintained hereunder jointly by the

Portion of cost, where deposited.

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