[No. 140.] AN ACT authorizing the common councils of cities of the fourth class to provide by ordinance for the establishment of central polling places. The People of the State of Michigan enact: SECTION 1. In any city of this State, organized under the Central polling laws thereof as a city of the fourth class, it shall be lawful places. for the common council of said city to provide by an ordinance, passed by at least a majority of the aldermen elect of said city, for the establishment of a central polling place, to be centrally located, and to provide for the discontinuance and abolishment of all other polling places in said city. spectors, SEC. 2. The common council of any city establishing a Election incentral polling place may appoint four or more inspectors umber, etc. of election at the last meeting of said common council previous to every election, general or special, and said inspectors shall be governed by the general laws of this State in reference to their powers and duties as election inspectors. Approved May 1, 1913. [No 141.] AN ACT to amend section forty-five of act number one hundred eighty-three of the Public Acts of eighteen hundred ninety-seven, entitled "An act to provide for the appointment and to fix the term of office, duties and compensation of circuit court stenographers in the State of Michigan," approved May twenty-nine, eighteen hundred ninety-seven, the same being section four hundred seven of the Compiled Laws for the State of Michigan for the year eighteen hundred ninety-seven. The People of the State of Michigan enact: amended. SECTION 1. Section forty-five of act number one hundred Section eighty-three of the Public Acts of eighteen hundred ninetyseven, entitled "An act to provide for the appointment and to fix the term of office, duties and compensation of circuit. court stenographers in the State of Michigan," approved May twenty-nine, eighteen hundred ninety-seven, being section four hundred seven of the Compiled Laws of the State of Michigan for the year eighteen hundred ninety-seven, is hereby amended to read as follows: SEC. 45. In the thirty-second circuit the stenographer shall Salary. be paid an annual salary of twenty-four hundred dollars. Approved May 1, 1913. "Secured debts", what to include. Specific tax, amount, etc. Duty of county treas urer. [No. 142.] AN ACT to provide for the assessment and the collection of a specific tax upon secured debts other than debts secured or evidenced by mortgages and liens upon real property, and which mortgages and liens are recorded in Michigan, and to repeal all acts and parts of acts in contravention thereto. The People of the State of Michigan enact: SECTION 1. The words "secured debts" as used in this act shall include: (1) Any bond, note or debt secured by mortgage or real property recorded in any state or country other than Michigan, and not recorded in the State of Michigan. (2) Any and all bonds, notes or written or printed obligations, parts of a series of similar bonds, notes or obligations, the payment of which is secured by a mortgage or deed of trust of real or personal property, or both, which mortgage or deed of trust is recorded in some place outside of the State of Michigan and not recorded in the State of Michigan. (3) Any and all bonds, notes or written or printed obligations, forming part of a series of similar bonds, notes or obligations, which are secured by a deposit of any valuable securities, as collateral security for the payment of such bonds, notes or obligations, under a deed of trust or collateral agreement held by a trustee. The term "secured debts" as used in this act shall not include securities held as collateral to secure the payment of bonds taxable under this act. SEC. 2. Any person may take or send to the office of the treasurer of the county where he resides any secured debt or a description of the same, and may pay to the county a tax of one-half per centum on the face value thereof, and the treasurer shall thereupon make an endorsement upon said secured debt or shall give a receipt for the tax thereon, describing said secured debt and certifying that the same is exempt from taxation, which endorsement or receipt shall be duly signed and dated by the treasurer or his duly authorized representative. The treasurer shall keep a record of such endorsements and receipts with a description of such secured debt, together with the name and address of the person presenting the same and the date of registration. SEC. 3. The county treasurer shall keep a separate account of said specific taxes collected by him, and shall on the first day of each month, transmit to the State Treasurer one-half of the money in his possession belonging to that account, and the county treasurer shall credit to the general fund of the county, the specific taxes collected by him as aforesaid. The State Treasurer shall place the same to the credit of the general fund, to be used for general State purposes. further tax. SEC. 4. Secured debts upon which said specific tax shall Exempt from be paid, shall be exempt from further general taxes under the laws of this State. SEC. 5. All acts or parts of acts in contravention of the provisions of this act are hereby repealed. Approved May 1, 1913. [No. 143.] AN ACT to define and provide for the regulation and supervision of foreign and domestic investment companies, their agents and other persons, corporations and associations, selling the stocks, bonds or other securities issued by such investment companies; to protect the purchasers of the stocks, bonds or other securities issued by such investment companies; and to prevent fraud in the sale thereof; to create a commission to administer the provisions of this law; and to provide penalties for the violation thereof. The People of the State of Michigan enact: vestment com pany, what known as. vestment SECTION 1. Every corporation, every co-partnership, or Domestic incompany, and every association (other than municipal or governmental corporations, State and national banks, trust companies, building and loan associations, and corporations not organized for profit) organized or which shall hereafter be organized in this State, whether incorporated or unincorporated, which shall either by itself, or by or through others, sell or negotiate for the sale of any stocks, bonds or other securities issued by it within the State of Michigan, shall be known for the purposes of this act as a domestic investment company. Every such corporation, co-partnership, com- Foreign inpany or association organized in any other state, territory company. or government, or organized under the laws of any other state, territory or government, shall be known for the purposes of this act as foreign investment company. The provisions of this act shall not apply to commercial paper or other evidence of indebtedness running not more than nine months, nor to the stocks, bonds or other securities of quasipublic corporations, the issue of whose securities is supervised and regulated by the public service board or commission of any state or territory of the United States; or any foreign government; nor to bonds of the United States, or any state or territory of the United States; or any foreign government; nor to the bonds of any city, county, township, village, school district or other public taxing sub-division of any state Documents, when to file. Articles of association, etc., when to file. or territory of the United States; nor to mortgages upon real property situated within this State where the entire mortgage is sold and transferred with the notes secured by such mortgage; but the sale or negotiation for the sale of corporate bonds secured by mortgage upon real property shall not be within any of the above exceptions, but shall come within the purview of this act. SEC. 2. Thirty days before offering for sale or attempting to sell any stocks, bonds or other securities of its own issue, other than those specifically exempted in this act, to any person or persons, within this State, every such investment company, domestic or foreign, shall file in the office of the Michigan Securities Commission, hereinafter provided for, together with a filing fee as hereinafter provided, the following What to show. documents, to-wit: A statement showing in full detail the plan upon which it proposes to transact business; a copy of all contracts, stocks, bonds or other instruments which it proposes to make with, or sell to, its contributors or customers; a statement which shall show the name and location and head office of the investment company, the names and addresses of its officers, and an itemized account of its financial condition and the amount of its assets and liabilities; and such other information touching its condition and affairs as the Michigan Securities Commission hereinafter provided for, may require. If such investment company shall be a copartnership or an unincorporated association, it shall also file with the Michigan Securities Commission, a copy of its articles of co-partnership or association, and all other papers pertaining to its organization, and if it be a corporation organized under the laws of Michigan it shall also file with the Michigan Securities Commission, a copy of its articles of incorporation, constitution and by-laws, and all other papers pertaining to its organization. If it shall be an investment company organized under the laws of any other state, territory or government, incorporated or unincorporated, it shall also file with the Michigan Securities Commission a copy of the laws of the state, territory or government under which it exists or is incorporated, and also a copy of its charter and the certificate of the proper officer of such state showing that it is authorized to transact business therein; and also copies of its constitution and by-laws, and all amendments of any of the above mentioned instruments which have been made, and all other papers pertaining to its organization. The filing fee hereinbefore provided for shall be one-tenth of one per cent upon the face value of the securities for the sale of which application is made: Provided, however, That said filing fee shall not be more than one hundred dollars, nor less than ten dollars. Filing fee. Proviso. How papers verified. SEC. 3. All of the above described papers shall be verified by the oath of a member of the co-partnership or company, if it be a co-partnership or company, and by the oath of a duly authorized officer, if it be a corporation or an unincorporated association. All such papers, however, as are recorded or are on file in any public office shall be further certified by the officer of whose records or archives they form a part, as being correct copies of such records or archives. SEC. 4. Every foreign investment company before offering Service of for sale any of its stocks, bonds or other securities in this process, etc. State shall also file its irrevocable written consent that suits and actions may be commenced against it in the proper court of any county in this State in which a cause of action may arise or in which the plaintiff may reside, by the service of any process or pleadings authorized by the laws of this State, on the Commissioner of the State Banking Depart ment, said consent stipulating and agreeing that such service of such process or pleadings on such commissioner shall be taken and held in all courts to be as valid and binding as if due service had been made upon the company itself, and said instrument containing such consent shall be authenticated by the seal of said foreign investment company, and by the acknowledged signature of a member of the co-partnership or company, if it be a co-partnership or company, or by the acknowledged signature of the president and secretary of the incorporated or unincorporated association, if it be an incorporated or unincorporated association, and shall in such case be accompanied by a duly certified copy of the resolution of the board of directors, trustees or managers of the corporation or association, authorizing the secretary and president to execute the same. securities SEC. 5. There is hereby created a commission to be known Michigan as the Michigan Securities Commission, whose duty it shall commission, be to administer and provide for the enforcement of all the duty, etc. provisions of this act. Said Michigan Securities Commission shall consist of the Commissioner of the State Banking Department, who shall be president thereof, the State Treasurer of the State, who shall be secretary thereof, and the Attorney General of this State, all of whom shall be members of the said Michigan Securities Commission during their respective terms of office, and any two of whom shall constitute a quorum. It shall be the duty of said Michigan Securities Commission to convene at the office of the Commissioner of the State Banking Department as soon as this act takes effect, and make all needful rules and regulations for carrying into effect all the provisions of this act. The office of said com- Office. mission shall be in the office of the Commissioner of the State Banking Department, and all the records of said commission shall be there kept. Said commission shall keep a complete record of all its meetings, and of all its accounts, and the business it transacts. It shall provide for regular meetings Meetings. of the commission which shall be held as often as once in each month, and shall hold special meetings upon the call of its chairman. It shall have power to demand from any investment company seeking to come under the provisions of this |