teen hundred nine, entitled "An act to provide for the incorporation and regulation of co-operative and mutual protective associations of railway conductors and engineers," approved May twenty-six, nineteen hundred nine, are hereby amended to read as follows:

Amended title.

Number of incorporators.

Certain officers

need not be members.

Law to govern.

TITLE.

An Act to provide for the incorporation and regulation of co-operative and mutual protective associations of conductors and engineers and motormen on steam and electric railways.

SEC. 1. Any number of conductors, engineers and motormen on steam and electric railways, not less than seven, who shall be residents of this State, desiring to become a body corporate for the purpose of carrying on upon the assessment or co-operative plan the business of providing indemnity to members, not exceeding five hundred dollars, for loss of position arising from discharge or retirement, may, by complying with the provisions hereof, become, with those engineers, momen and conductors on steam and electric railways, "who may hereafter be associated with them or their successors, a body corporate and politic.

SEC. 8. The by-laws of the association may provide that officers of the association other than the president, treasurer and trustees need not be members. Otherwise, and except as in this act specifically provided and in all respects not inconsistent with the provisions of this act, associations organized hereunder shall be governed by and subject to all the provisions of act number one hundred eighty-seven of the Public Acts of eighteen hundred eighty-seven, entitled "An act to revise the laws providing for the incorporation of cooperative and mutual benefit associations, and to define the powers and duties and regulate the transaction of the business of all such corporations and associations doing business within this State," as amended and now in force.

Approved April 1, 1915.

[No. 40.]

AN ACT to amend section twenty-five of chapter three of act number one hundred sixty-four of the Public Acts of eighteen hundred eighty-one, entitled "An act to revise and consolidate the laws relating to public instruction and primary schools, and to repeal all statutes and acts contravening the provisions of this act," being section four thousand six hundred ninety-one of the Compiled Laws of eighteen hundred ninety-seven, as last amended by act number two hundred eighteen of the Public Acts of nineteen hundred eleven.

The People of the State of Michigan enact:

amended.

SECTION 1. Section twenty-five of chapter three of act Section number one hundred sixty-four of the Public Acts of eighteen hundred eighty-one, entitled "An act to revise and consolidate the laws relating to public instruction and primary schools, and to repeal all statutes and acts contravening the provisions of this act," being section four thousand six hundred ninety-one of the Compiled Laws of eighteen hundred ninety-seven, as last amended by act number two hundred eighteen of the Public Acts of nineteen hundred eleven, is hereby amended to read as follows:

treasurer.

SEC. 25. It shall be the duty of the treasurer of each Duty of school district:

First, To execute to the district and file with the director, To file bond. within ten days after his election or appointment, a bond in the full amount of money to' come into his hands during each year of his term of office, as near as the same can be ascertained, with two or more sureties, each of whom shall be required to justify in writing and under oath to the amount for which he is holden in said bond; or the treasurer may furnish the bond of some surety company authorized to do business in this State. The premium on said surety bond if pur- Premium. chased shall be paid by the district; the form of the bond, the penalty and sufficiency of the sureties to be subject to the approval of the moderator and director, conditioned for the Approval. faithful performance of his duties and the proper application of all moneys that shall come into his hands by virtue of his office. Said bond shall be filed with the director, and Where filed. none of the books or money of the district shall be placed in the hands of the treasurer until his bond has been so approved and filed, and in case of any breach of the conditions thereof the moderator shall cause a suit to be commenced thereon in the name of the district, and any moneys collected thereon shall be paid into the township treasury subject to the order of the district officers, and shall be applied to the same purposes as the moneys lost should have been applied

Proviso, deposit

in bank.

Proviso, amount of deposit.

Liability of treasurer.

by the treasurer: Provided, That if the treasurer shall deposit the money in any bank or trust company authorized to do business in this State, such deposit shall be made in his name as treasurer of the district, and any and all interest paid by such bank or company on such deposits shall be accounted for by the treasurer to the district and credited to the general fund: Provided, That no bank or depository shall receive a larger deposit of said funds than the amount of the bond as hereinafter provided, and in no event to exceed one hundred thousand dollars, and such bank or banks shall Bond of bank. give good and sufficient bond to be approved by the district board conditioned for the receipt, safe-keeping and payment of all money which may come into its custody, in the amount designated as the penalty in the bond furnished by the district treasurer to the district. It shall be the duty of the treasurer of said district to see that a sum in excess of the amount of the bond is not deposited in such bank or banks, and said treasurer and his bondsmen shall be liable for only such loss occasioned by deposits in excess of the amount of such bond. The district board of each district . shall determine by resolution the time for which such deposits shall be made, and all details for carrying into effect the authority herein given, but all such proceedings in connection with the deposit of such moneys shall be conducted in such a manner as to insure full publicity and shall be open at all times to public inspection: Provided, That the electors at the annual meeting may designate a depository or depositories Proviso, idem. in which the funds of the district shall be deposited: Provided, however, That upon failure of the electors at such annual meeting to designate such depository or depositories, the district board by a majority vote of the members thereof, may designate a depository or depositories in which the funds of the district shall be deposited. Upon designation of any depository or depositories in compliance with the provisions of this section, it shall be the duty of the treasurer to deposit all funds of the district therein, and in such proportion and manner as may be provided by said district board. Every such depository so named shall give such bond as the district board may require and approve for the safekeeping and accounting of such funds, in which case the treasurer shall not be held liable for any neglect or default by any such depository or depositories;

Publicity.

Proviso, depository.

Bond of depository.

To pay orders.

To keep books.

To present statement,

Second, To pay all orders of the director, when lawfully drawn and countersigned by the moderator, out of any moneys in his hands belonging to the fund upon which such orders may be drawn;

Third, To keep a book in which all moneys received and disbursed shall be entered, the sources from which the same have been received, and the persons to whom and the objects for which the same have been paid;

Fourth, To present the district board at the close of the

in suits.

school year a report in writing, containing a statement of all moneys received during the preceding year and each item of disbursements made, and exhibit the voucher therefor; Fifth, To appear for and on behalf of the district in all To appear suits brought by or against the same when no other directions shall be given by the qualified voters in the district meetings, except in suits in which he is interested adversely to the district, and in all such cases the moderator shall appear for such district if no other directions be given as aforesaid;

with board.

Sixth, At the close of his term of office to settle with the To settle district board and deliver to his successor in office all books, vouchers, orders, documents and papers belonging to the of fice of treasurer, together with all district moneys remaining on hand:

Seventh, To perform such other duties as are or shall be Other duties. by law required of the treasurer.

Approved April 1, 1915.

[No. 41.]

AN ACT to amend section seven of act two hundred fortytwo of the Public Acts of eighteen hundred sixty-three, entitled "An act for the incorporation of hospitals or asylums in cases where valuable grants or emoluments have been made to trustees for such purposes," approved March twenty, eighteen hundred sixty-three, and being section eight thousand two hundred ninety-four of the Compiled Laws of eighteen hundred ninety-seven.

The People of the State of Michigan enact:

amended.

SECTION 1. Section seven of act number two hundred Section forty-two of the Public Acts of eighteen hundred sixty-three, entitled "An act for the incorporation of hospitals or asylums in cases where valuable grants or emoluments have been made to trustees for such purposes," approved March twenty, eighteen hundred sixty-three, the same being section eight thousand two hundred ninety-four of the Compiled Laws of eighteen hundred ninety-seven, is hereby amended to read as follows:

from

SEC. 7. The property on which said asylum or institu- Exemption tion building stands, together with said building and equip- taxation. ment, shall, while occupied for the objects and purposes thereof, be exempt from taxation: Provided, however, That Proviso, if a portion of said property or building is leased for com- taxation. mercial purposes, then the tax shall be levied only upon the value of that part of the building or property which is leased

partial

for commercial purposes, and that portion of the building or property occupied for the purposes for which such hospital or asylum was incorporated shall be exempt and shall be excluded in the estimation of the value of the taxable property of the corporation.

Approved April 1, 1915.

Section amended.

What real

[No. 42.]

AN ACT to amend section seven of act number seventy-seven of the Public Acts of eighteen hundred sixty-nine, entitled "An act in relation to life insurance companies transacting business within this State," being section seven thousand one hundred ninety-six of the Compiled Laws of eighteen hundred ninety-seven.

The People of the State of Michigan enact:

SECTION 1. Section seven of act number seventy-seven of the Public Acts of eighteen hundred sixty-nine, entitled "An act in relation to life insurance companies transacting business within this State," being section seven thousand one hundred ninety-six of the Compiled Laws of eighteen hundred ninety-seven, is hereby amended to read as follows: SEC. 7. No company formed under this act shall pur

estate may be chase or hold any real estate, except:

held.

When real

estate to be sold.

1. Such as shall be necessary for its immediate accommodation in transacting business; or

2. Such as shall have been conveyed or mortgaged to the company in good faith, by way of security for debts; or

3. Such as shall have been conveyed to the company in satisfaction for debts; or

4. Such as shall have been purchased at sales upon judg ments, decrees or mortgages in favor of such company, or held or owned by it; and all real estate obtained by virtue of any provisions of this section, except that mentioned in the first subdivision, shall be sold or disposed of within five years after the title has been perfected in such company, unless the company shall procure a certificate from the Commissioner of Insurance that the interest of such company will materially suffer by a forced sale, in which event the Postponement sale may be postponed for such period as the said Commissioner of Insurance shall direct in such certificate, not to exceed ten years in all: Provided, however, That any stock life insurance company writing nonparticipating insurance only, may invest not to exceed twenty-five per cent of its combined capital and surplus in a home office building, and may continue to hold the same for its use and as a source of revenue.

of sale.

Proviso, office

building.

Approved April 7, 1915.