acts of nineteen hundred one, and all acts or parts of acts in This act is ordered to take immediate effect. [No. 258.] AN ACT to amend section ten of chapter two hundred fiftyeight of the Compiled Laws of eighteen hundred ninetyseven, entitled "Fraudulent conveyances and contracts relating to personal property," being compiler's section nine thousand five hundred twenty-three. The People of the State of Michigan enact: amended. SECTION 1. Section ten of chapter two hundred fifty-eight Section of the Compiled Laws of eighteen hundred ninety-seven, entitled "Fraudulent conveyances and contracts relating to personal property," being compiler's section nine thousand five hundred twenty-three, is hereby amended so as to real as follows: when void. SEC. 10. Every mortgage, or conveyance intended to oper- Mortgage or ate as a mortgage, of goods and chattels, which shall hereafter conveyance, be made, which shall not be accompanied by an immediate delivery, and followed by an actual and continued change of possession of the things mortgaged, shall be absolutely void as against the creditors of the mortgagor, and as against subsequent purchasers or mortgagees in good faith, unless the mortgage, or a true copy thereof, shall be filed in the office of the township clerk of the township, or city clerk of the city, or city recorder of cities having no officer known as city clerk, where the goods or chattels are located, and also where the mortgagor resides, except when the mortgagor is a non- Non-residents. resident of the State, when the mortgage, or a true copy thereof, shall be filed in the office of the township clerk of the township, or city clerk of the city, or city recorder of cities having no officer known as city clerk, where the property is; and unless the mortgagor named in such mortgage, or conveyance intended to operate as a mortgage, or some person for him, having knowledge of the facts, shall, before the filing of the same, make and annex thereto an affidavit setting forth that the consideration of said instrument was actual and adequate, and that the same was given in good faith for the purposes in such instrument set forth, no officer shall receive such instrument or file the same in his office until such affidavit is made and annexed thereto. Every per- Perjury. son who shall knowingly make any false statement in any such affidavit, upon conviction thereof shall be deemed guilty of the crime of perjury. Approved June 16, 1905. Certain ordinances, franchises of legalized. [No. 259.] AN ACT to legalize and make valid ordinances and local franchise grants, heretofore made and granted, by cities of the fourth class, under act number two hundred fifteen of the public acts of eighteen hundred ninety-five, and amendments thereto. The People of the State of Michigan enact: SECTION 1. The respective actions of the councils of all cities of the fourth class, granting franchises to, and making fourth class cities contracts with, persons or corporations, to use streets and public places, for the supplying of such cities or the inhab itants thereof, or both, with gas, electric or other lights, for periods of time exceeding ten years, but not exceeding thirty years, are hereby legalized and made valid. Approved June 16, 1905. Persons to obtain certain sales. [No. 260.] AN ACT to prevent the fraudulent sale and advertising for sale of merchandise, and to punish the violation thereof. The People of the State of Michigan enact: SECTION 1. No person shall advertise, represent or hold out license to conduct that any sale, of goods, wares and merchandise is an insurance, bankrupt, mortgage, insolvent, assignee's, executor's, administrator's, receiver's or closing out sale, or a sale of goods, wares or merchandise damaged by fire, smoke, water, or otherwise, unless he shall have first obtained a license to conduct such sale from the clerk of the city, village or township in which he proposes to conduct such a sale. The applicant for such a license shall make to such clerk an application therefor in writing and under oath, showing all the facts in regard to the sale which he proposes to conduct, including a statement, so far as possible, of the names of the persons from whom the goods, wares and merchandise so to be sold were obtained, the date of the delivery of such goods, wares Application, under oath, what to state. and merchandise to the person applying for the license, and the place from which said goods, wares and merchandise were last taken, and all details necessary to fully identify the goods, wares and merchandise so to be sold. Such application Applicant to further specify. shall also specify whether the applicant proposes to advertise or conduct said sale as an insurance, bankrupt, mortgage, insolvent, assignee's, executor's, administrator's, receiver's or closing out sale, and if such application shall show that said proposed sale is of the character which the applicant desires. to conduct and advertise, said clerk shall issue a license, upon the payment of a fee of one dollar therefor, to the person License fee. applying for the same, authorizing him to advertise and conduct a sale of the particular kind mentioned in the application. what deemed. SEC. 2. Every person making a false statement of any fact Perjury, in the application provided for in the last preceding section, shall be deemed guilty of perjury and shall, upon conviction Penalty. thereof, be imprisoned in the State prison for not more than five years. what deemed. SEC. 3. Any person who shall advertise, represent, or hold Misdemeanor. forth any sale of goods, wares or merchandise to be an insurance, bankrupt, mortgage, insolvent, assignee's, executor's, administrator's, receiver's or closing out sale, or a sale of goods, wares or merchandise damaged by fire, smoke, water or otherwise, without first having complied with the provisions of this act, shall be deemed guilty of a misdemeanor and shall, upon conviction thereof, be fined in a sum not less Penalty. than fifty dollars and not more than five hundred dollars, or shall be imprisoned in the county jail for not less than ten days nor more than six months, or both, within the discretion of the court. to certain sales. SEC. 4. The provisions of this act shall not apply to Not applicable sheriffs, constables or other public officers, or other court officers selling goods, wares or merchandise in the course of their official duties. Approved June 16, 1905. [No. 261.] AN ACT to amend section fifty-six of chapter seventy-seven of the revised statutes of eighteen hundred forty-six, entitled "Of the sale of lands for the payment of debts by executors, administrators and guardians," as added by act one hundred twenty-seven of the public acts of eighteen hundred ninety-five, being section nine thousand one hundred thirty-three of the Compiled Laws of eighteen hundred ninety-seven, as last amended by act two hundred four of the public acts of nineteen hundred three. Section amended. Judge of probate may grant license To determine value and confirm sale. The People of the State of Michigan enact: SECTION 1. Section fifty-six of chapter seventy-seven of the revised statutes of eighteen hundred forty-six, entitled "Of the sale of lands for the payment of debts by executors, administrators and guardians," as added by act one hundred twenty-seven of the public acts of eighteen hundred ninetyfive, being section nine thousand one hundred thirty-three of Compiled Laws of eighteen hundred ninety-seven as last amended by act two hundred four of the public acts of nineteen hundred three, is hereby amended to read as follows: SEC. 56. In any case where license to sell real estate is to sell real estate applied for, the judge of probate may, in his discretion, after due notice to all persons interested as required by this chapter, and after taking, or causing to be taken, the testimony of two or more credible and disinterested freeholders, under oath in writing administered by said judge of probate or by the judge of probate of the county in which the real estate is situated, grant a license to the executor, administrator or guardian to dispose of said real estate at private sale, at the highest price obtainable, not less than the value thereof, as determined by said judge of probate, which sale shall be confirmed and approved by said judge of probate before any deed passing the title to said real estate so sold at private sale shall be valid and effectual: Provided, That said freeholders shall be well known to the judge taking such testimony to be credible witnesses and when taken by a judge not having the estate in charge shall be paid for and transmitted the same as depositions in other courts and in either case such testimony shall be filed and kept with other papers Further proviso as relating to the sale of said real estate: And provided further, That the provisions of this chapter relating to the oath and bond of the executor, administrator or guardian before a sale shall be applicable to sales under the provisions of this section, and all other provisions of this chapter, except where plainly inapplicable, shall be applicable to sales under this section. Proviso as to testimony. to oath and bond This act is ordered to take immediate effect. 383 [No. 262.] AN ACT to amend sections twenty-seven and fifty-two 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," as amended, being compiler's sections six thousand one. hundred sixteen and six thousand one hundred forty-one respectively, of the Compiled Laws of eighteen hundred ninety-seven, as amended by act number two hundred sixtyfive of the public acts of eighteen hundred ninety-nine, and by adding a new section thereto to stand as section sixty-seven of said act. The People of the State of Michigan enact: amended. SECTION 1. Sections twenty-seven and fifty-two of act Sections 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," as amended, being compiler's sections six thousand one hundred sixteen and six thousand one hundred forty-one respectively of the Compiled Laws of eighteen hundred ninety-seven, as amended by act number two hundred sixty-five of the public acts of eighteen hundred ninety-nine, are hereby amended and one new section is hereby added to said act, said amended sections. and said added section to read as follows: SEC. 27. A savings bank shall keep on hand at least fifteen Savings bank per cent of its total deposits, one-third of which reserve shall be in lawful money in its own vaults and the balance on dedeposits, amount of reserve, etc. posit, payable on demand, with banks, National, or State, in cities approved by the Commissioners as reserve cities, or invested in United States bonds; three-fifths of the remainder Investments. of its savings deposits shall be invested by the board of directors as follows: (a) In bonds of the United States, of any State or terri- In U.S. bonds etc. tory of the United States: Provided, That such state or terri- Proviso. tory has not in the ten years preceding the time of such investment repudiated its debt and failed to pay the same, or the interest due thereon, or upon any part of such debt; or indebtedness. (b) In the public debt or bonds of any city, county, town- City, county, etc. ship, village or school district of any state or territory in the United States, which shall have been authorized by the legislature of such state or territory: Provided, The total Proviso as to indebtedness of such municipality does not exceed five cent of its assessed valuation, except by a vote of two-thirds of the board of directors, such bonds may be purchased if the total liabilities do not exceed ten per cent of its assessed valuation; or per |