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act to provide for a municipal court in the city of Grand Rapids, to be called The Superior Court of Grand Rapids,” approved March 24, 1875, the same being compiler's section six thousand five hundred seventy-three of Howell's Annotated Statutes of Michigan, be and the same is hereby amended to read as follows:

( $6573.) Sec. 10. The clerk of said court shall receive salary
an annual salary of one thousand two hundred dollars, to be
paid by the city of Grand Rapids upon the order of the
common council, in quarterly installvients, and said sum
shall be in full of all clerk's fees or perquisites of every
kind and nature, and of services rendered in any cause
pending or determined in said court.

This act is ordered to take immediate effect.
Approved February 16, 1891.

amended,

lished when defendant not

[ No. 8. ] AN ACT to amend section eighteen of chapter one hundred

and fourteen of the revised statutes of eighteen hundred and forty-six, entitled “Of proceedings against debtors by attachment,” being compiler's section eight thousand and three of Howell's Annotated Statutes.

SECTION 1. The People of the State of Michigan enact, Section That section eighteen, chapter one hundred and fourteen of the revised statutes of eighteen hundred and forty-six, entitled “Of proceedings against debtors by attachment,' being compiler's section eight thousand and three of Howell's Annotated Statutes, be amended so as to read as follows:

SEC. 18. If it appear by the return of such writ that any Notice to be pubproperty has been attached thereon, and that neither of the defendants could be found, the plaintiff shall, within thirty found, etc. days after such return, unless the defendants or some of them shall sooner appear in the suit, cause a notice to be published in some newspaper printed in the county for which said circuit court is held, and if no newspaper is printed in said county then in some newspaper printed in the judicial circuit in which such writ shalì be returned, which notice shall state the names of the parties, the time what to state. when, and from what court, and for what sum the writ was issued and when the same was returnable, and shall be published for six successive weeks, and within ten days after such asidavit, when publication has begun the plaintiff or

some person in his filled contents behalf shall make and file an affidavit stating that such publication has commenced, when commenced and in what newspaper giving the name thereof and where published and file said affidavit with the clerk of said circuit court, and if any plaintiff shall neglect to cause such notice to be so published or to make and file such affidavit as required in this section,

of, etc.

Proviso.

the attachment shall be dismissed with costs: Provided, That such affidavit may be filed or amended in the discretion of the court at any time before the order of dismissal shall actually be made, on such terms as the court may impose.

Approved February 18, 1891.

[ No. 9. ]

AN ACT to repeal all of act number two hundred fifty-four

of the public acts of one thousand eight hundred eightynine, being an act relative to the election of Representatives to the State Legislature in districts where more than one is to be elected.

Act repealed.

SECTION 1. The People of the State of Michigan enact, That all of act number two hundred fifty-four of the public acts for the year one thousand eight hundred eighty-nine, approved July 3, 1889, be and the same is hereby repealed.

Approved February 18, 1891.

Sections amended,

[ No. 10. ] AN ACT to amend sections one, twelve, twenty-seven,

twenty-eight and fifty-two of act number two hundred and five of the public acts of eighteen hundred and eightyseven, entitled "An act to revise the laws authorizing the business of banking, and to establish a banking department for the supervision of such business.” SECTION 1. The People of the State of Michigan enact, That sections one, twelve, twenty-seven, twenty-eight and fifty-two of act number two hundred and five of the public acts of one thousand eight 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," be and the same are hereby amended so as to read as follows: That any number of persons, not less than five, may associate to establish offices of discount and deposit to be known as commercial banks, and also to establish offices of loan and deposit to be known as savings banks, or to establish banks having departments for both classes of business, 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 bank shall not be less than one hundred thousand dollars, except that banks with a capital of not less than fifteen thousand dollars may

Association for establishing banks, etc.

Capital stock.

[graphic]

Proviso.

the attachment shall be dismissed with costs: Provided, That such affidavit may be filed or amended in the discretion of the court at any time before the order of dismissal shall actually be made, on such terms as the court may impose.

Approved February 18, 1891.

[ No. 9.]

AN ACT to repeal all of act number two hundred fifty-four

of the public acts of one thousand eight hundred eightynine, being an act relative to the election of Representatives to the State Legislature in districts where more than one is to be elected.

Act repealed.

SECTION 1. The People of the State of Michigan enact, That all of act number two hundred fifty-four of the public acts for the year one thousand eight hundred eighty-nine, approved July 3, 1889, be and the same is hereby repealed.

Approved February 18, 1891.

Sections amended,

[ No. 10. ]
AN ACT to
ACT to amend

amend sections one, twelve, twenty-seven,
twenty-eight and fifty-two of act number two hundred and
five of the public acts of eighteen hundred and eighty-
seven, entitled "An act to revise the laws authorizing the
business of banking, and to establish a banking depart-
ment for the supervision of such business.”
SECTION 1. The People of the State of Michigan enact,
That sections one, twelve, twenty-seven, twenty-eight and
fifty-two of act number two hundred and five of the public
acts of one thousand eight 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," be and the same are hereby
amended so as to read as follows: That any number of per-
sons, not less than five, may associate to establish offices of
discount and deposit to be known as commercial banks, and
also to establish offices of loan and deposit to be known as
savings banks, or to establish banks having departments for
both classes of business, upon the terms and conditions and
subject to the liabilities prescribed in this act, but the aggre-
gate amount of the capital stock of any such bank shall not
be less than one hundred thousand dollars, except that banks
with a capital of not less than fifteen thousand dollars may

Association for establishing banks, etc.

Capital stock.

for loan, etc.

stock, etc,

be organized in a city or village, the population of which does not exceed one thousand five hundred inhabitants, and banks with a capital of not less than twenty-five thousand dollars in a city or village, the population of which does not exceed five thousand inhabitants, and with a capital of not less than fifty thousand dollars in a city or village the population of which does not exceed twenty thousand inhabitants. No bank shall take as security for any loan or discount a lien upon any part of its capital stock. The Security required same security in kind and amount shall be required of stockholders and of persons not stockholders. No bank shall be Bank not to hold the holder or purchaser of any portion of its capital stock unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith. Stock so purchased shall in no case be held by the bank for a longer time than six months, if the stock can be sold for what it cost, and it must be sold for the best price obtainable within one year, or cancelled as hereinafter provided for the reduction of capital stock: Provided, That the provisions of Proviso as to this act as to the amount of capital shall not apply to any capital stock. bank now organized and doing business at the time of the passage of this act.

Sec. 12. The affairs of each bank shall be managed by a Affairs to be board of not less than five directors, who shall be elected by board of directthe stockholders and hold office for one year and until their ors, election successors are elected and have qualified. A majority of the board of directors shall constitute a

quorum for the transaction of business: Provided, That when the number of Proviso. directors shall exceed nine, they shall once in three months designate by resolution nine members, any five of whom shall constitute

quorum.

In the first instance the First and subdirectors shall be elected at a meeting held before the bank of directors. is authorized to commence business by the commissioner, and afterwards at the annual meeting of the stockholders to be held on the second Tuesday in December of each year; and if for any cause an election is not had at that meeting it may be held at a subsequent meeting called for that purpose, of which due notice shall be given as provided in the by-laws adopted by such bank. At a meeting of stock- Who entitled holders for election of directors each share shall entitle the owner to one vote for each director, but no stockholder shall be entitled to vote who is indebted to the bank upon any obligation past due. A stockholder may vote at any Proxy. meeting of the corporation by a proxy in writing signed by him, but no officer, clerk, teller or book-keeper of such corporation shall act as proxy. Every director must own and hold in his own name not less than ten shares of the capital stock of such bank; except that in banks having a who may be capital of fifteen thousand dollars, a director must own and hold in his own name not less than five shares of the capital stock of such bank. He shall take and subscribe an oath that he will diligently and honestly perform his duties

а

sequent election

to vote.

directors, oath of, etc.

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