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Insurance may

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 beneficiary for such payment at the time and to the amount specified in the policy or certificate; and this indebtedness shall have priority over all indebtedness thereafter incurred, except as hereinafter provided in case of the distribution of assets of an insolvent corporation. The Commissioner of Insurance may investigate Commissioner of the condition of such corporation, and shall have full power investigate, etc. in person, by deputy or by department examiners, commissioned by him, to examine the books, papers and accounts, and to examine under oath its officers, agents, clerks and certificate holders, or other persons having knowledge of its business, and if it shall appear to him that its liabilities exceed its cash resources, and that it cannot within a reasonable time, not more than three months from the date of the original default, pay such liabilities in full, he shall report Report to the same to the Attorney General, who shall, upon such report, institute proceedings as provided in section twenty-two of this act: Provided, In computing the liabilities of such Proviso. corporation the Commissioner of Insurance shall compute the reserve fund to be held by such corporation by taking fifty per cent of the cash premiums received upon all risks not expired at the time of making such computation.. Approved June 1, 1905.

Att'y General.

[No. 154.]

AN ACT to confer upon fire and marine insurance companies authority to insure property against loss or damage by lightning, wind and water.

The People of the State of Michigan enact:

insure

SECTION 1. All insurance companies heretofore organized, Authorizing or that may be hereafter organized, under the provisions of four against chapter one hundred ninety-four of the Compiled Laws of lightning, etc. eighteen hundred ninety-seven, are hereby authorized and empowered to issue policies of insurance upon any and every kind of property, against loss or damage by lightning, wind and water, or either of the same.

Contracts to be

in separate policies.

Proviso.

SEC. 2. Contracts of insurance against loss or damage by wind or water shall not be incorporated in any contract of insurance against loss or damage by fire, but shall be contained in separate and distinct policies: Provided, That nothing contained in this act shall be construed as in any way limiting or changing the liability under the ordinary fire policy for damage resulting from water in case of fire. Approved June 1, 1905.

Section amended.

How may invest funds.

[No. 155.]

AN ACT to amend section eight of act number one hundred thirty-six of the public acts of eighteen hundred sixty-nine, being an act, entitled "An act relative to the organization and powers of fire and marine insurance companies transacting business in this State," approved April three, eighteen hundred sixty-nine, the same being section seven thousand two hundred thirty-one of the Compiled Laws of eighteen hundred ninety-seven, as amended by act seventythree of the public acts of eighteen hundred ninety-nine.

The People of the State of Michigan enact:

SECTION 1. Section eight of act number one hundred thirtysix of the public acts of eighteen hundred sixty-nine, being an act entitled "An act relative to the organization and powers of fire and marine insurance companies transacting business within this State," approved April three, eighteen hundred sixty-nine, the same being section seven thousand two hundred thirty-one of the Compiled Laws of eighteen hundred ninety-seven, as amended by act seventy-three of the public acts of eighteen hundred ninety-nine, is hereby amended so as to read as follows:

SEC. S. It shall be lawful for any fire insurance company organized under this act, or incorporated under any law of this State, to invest its capital and the funds accumulated in the course of its business, or any part thereof, in bonds and mortgages on unincumbered improved real estate within the State of Michigan, worth double the sum loaned thereon, exclusive of buildings, unless such buildings be insured, and the policies endorsed with the loss clause "payable to the mortgagee, as the mortgage interest may appear;" and also in the bonds of this State, or bonds or treasury notes of the United States; and also in the bonds of any county, municipality or school district in this State authorized to be issued by law; or in the public debt or bonds of any state or city, county, township, village or school district of any state in the United States, which shall have been authorized by the

legislature of such state: Provided, That such state or mu- Proviso. nicipality 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: And provided further, That the net indebtedness of Further proviso. said city, county, township, village or school district shall not exceed five per cent of the assessed valuation of all the real estate of said city, county, township, village or school district, said valuation to be on the basis of the last preceding equalization of the state board for counties, and the proportionate amount thereof. The term net indebtedness in this section "Net indebtedshall be construed to denote the indebtedness of any city, construed. county, township, village or school district, omitting debt created for supplying the inhabitants with water and deduct-. ing the amount of sinking funds available for the payment of such indebtedness; or upon negotiable notes secured by pledge of stock of national banks, the market value of which equals or exceeds twenty-five per cent above its par value at the time of the loan: Provided, That the loan shall not exceed fifty per Proviso. cent of the market value of the stock so pledged; and to change and reinvest the same as occasion may from time to time require.

Approved June 1, 1905.

ness," how

[No. 156.]

AN ACT authorizing street railway companies or any railroad company organized under the laws of this State to own, maintain and operate steamboats, barges or vessels.

The People of the State of Michigan enact:

operate steam

SECTION 1. Any street railway, or any railroad company, May own and organized under the laws of this State, may own and operate, boats, barges, etc. in connection with its railway lines, such number of steamboats, barges or vessels, as its traffic of passengers or freight shall render necessary to make complete its different routes. And it may own and operate such steamboats, barges and May operate vessels beyond the boundary lines of the State of Michigan state. for the purpose of making connections with its lines in the carriage of passengers and freights.

outside the

SEC. 2. Said companies shall operate such steamboats. Restrictions. barges or vessels subject to such restrictions as are now imposed on other corporations and private individuals owning and operating steamboats, barges and vessels.

This act is ordered to take immediate effect.
Approved June 1, 1905.

Townships may acquire land for

Board of commissioners,

[No. 157.]

AN ACT to authorize a township or townships to acquire by gift or devise real estate and to own and control the same for a free public park or resort; to provide for a board of commissioners therefor and to authorize said township or townships, by a limited tax on the property in such township or townships, to maintain such park or resort and to make all needful rules and regulations for the control and government of the same.

The People of the State of Michigan enact:

SECTION 1. Any township or townships in the State of free public park. Michigan, being a contiguous or adjacent territory, may ac quire by gift or devise a tract of real estate which shall be contiguous or adjacent to the territory acquiring the same for a free public park or resort, and are hereby authorized to hold such real estate in fee simple for such purposes. The who to comprise. supervisor of each of such townships shall comprise a board of commissioners for the control of such park or resort and in case any such supervisor shall decline to act as such commissioner, then the township board shall designate a member of the township board to act as such commissioner. In case there is only one township interested in such park, then the township board shall be the board of commissioners. Such commissioners shall act in that capacity during the term of office to which they were elected respectively in their townships and until their successors are elected and qualified.

Term of office.

Power of board.

Proviso.

Election of officers.

Duty of secretary.

SEC. 2. Such board of commissioners shall have the power to adopt rules and regulations for the maintenance of such park or resort and may make leases for the purposes of erecting cottages and other necessary buildings under such rules and regulations as it deems expedient: Provided, That under such lease no spirituous or malt liquors shall be sold on the premises.

SEC. 3. The said board of commissioners shall annually elect one of its members as president. It shall elect a secretary and treasurer, and may appoint such other officers or employes as it may deem necessary. The secretary shall keep a correct record of all the transactions of the board of commissioners, which shall be a public record, and may be inspected at all times by any taxpayer residing in any township owning an interest in any such park or resort as a Treasurer's bond. grantee. The treasurer shall give a bond in the penal sum of six thousand dollars.

Plan to secure park shall set

SEC. 4. Any plan for the securing such park or resort shall forth the premises, fully set forth the premises which it is intended to occupy as a park or resort, and specify the sum which each of said townships will raise by tax each year for the maintenance and

support thereof, which shall not be less than one-tenth of a Tax levy. mill nor more than five mills on the respective valuations of each of said townships. Said moneys so received shall be Money, paid to the treasurer of said board of commissioners, and to whom paid. shall be paid out on orders drawn on him, signed by the chairman and secretary of said board of commissioners. The Proposition to be full proposition shall be submitted to the qualified electors of electors. each township at a regular or special election, and if adopted by a majority vote shall be a binding contract on such township, and if adopted, shall be recorded in the office of the register of deeds in the county or counties in which said

submitted to

lands shall be situated. The manner of conducting, noticing, General law to canvassing, returning and declaring the result of such elec. govern elections. tion shall, as near as may be, be the same as is now prescribed by the general election law governing elections in said townships for the election of township officers,

from taxation.

SEC. 5. So much of the estate, both real and personal, as Property exempt is owned by such township or townships shall be exempt from taxes, but all improvements under lease for private use shall be liable to be taxed.

Approved June 1, 1905.

[No. 158.]

AN ACT to amend sections twenty-three and twenty-four of chapter twenty-one of the revised statutes of eighteen hundred forty-six, entitled "Hawkers and Peddlers," said sections being compiler's sections five thousand three hundred thirty-one and five thousand three hundred thirty-one a of the Compiled Laws of eighteen hundred ninety-seven.

The People of the State of Michigan enact:

amended.

SECTION 1. Sections twenty-three and twenty-four of chap- Sections ter twenty-one of the revised statutes of eighteen hundred forty-six, entitled "Hawkers and Peddlers," said sections being compiler's sections five thousand three hundred thirtyone and five thousand three hundred thirty-one a of the Compiled Laws of eighteen hundred ninety-seven, are hereby amended so as to read as follows:

SEC. 23. Every person who shall be found traveling and Penalty for trading as aforesaid, and who shall refuse to produce a license failure to produce license. as a hawker or peddler to any officer or citizen who shall demand the same, or who shall, if traveling with a vehicle for the carrying of his goods, wares or merchandise, fail to display such license on such vehicle, shall for each offense, forfeit the sum of ten dollars.

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