State veterinary board.

SEC. 2. The members of the State Veterinary Board appointed pursuant to act two hundred forty-four of the Public Acts of nineteen hundred seven shall constitute the State Qualifications. Veterinary Board. Said board shall hereafter consist of three members who are required to be residents of Michigan and citizens of the United States, and must also be regularly registered graduates of some college giving instruction in veterinary medicine, dentistry and surgery. No member of said board shall be connected with the faculty of any such Appointment. college. On or before the first day of April of each year, it shall be the duty of the Governor to appoint a member of said board to succeed that member whose term then expires in accordance with his original appointment, and any vacancies that may occur shall be filled by appointment of the Governor for the balance of the unexpired term. In no case shall any person be appointed as a member of said board who has not at least three years experience in the practice of his Term of office. profession. Each member regularly appointed shall hold office for three years and until his successor is appointed and qualified: Provided, That none of the provisions of this act shall in any manner interfere with the present tenure of office of the members of said board heretofore appointed.

Experience.

Proviso, present tenure.

Annual meeting.

Other meetings.

Bond of treasurer.

List of colleges.

SEC. 3. Said veterinary board shall hold an annual meeting at Lansing on the first Tuesday after the first Monday in February of each year, at which time said board shall organize by electing a president, a secretary and a treasurer. Other meetings shall be held quarterly at such times and places as the board shall fix by resolution. The treasurer so chosen shall give bond to the people of the State of Michigan conditioned for the faithful performance of the duties of his office, in such amount and with sureties to be Annual report. approved by the board. At the end of each fiscal year, said board shall make a report to the Governor, which report shall contain a full and complete statement of the official acts of the board with an itemized account of all moneys received and paid out. It shall be the duty of the members of said board during each year to assist its secretary in compiling a list of such colleges as have a curriculum of not less than three years of six months each which have the authority to confer the degree of doctor of veterinary medicine, doctor of veterinary science, doctor of comparative medicine, or veterinary surgeon. It shall be the duty of the secretary of said board to issue to any graduate of one of such colleges who may apply therefor a temporary permit to allow such applicant to practice until the next regular meeting of the board. Such temporary permit shall stand in lieu of a regular license during the time that it is in force and shall allow the holder thereof to exercise such privileges as a regularly registered and licensed practitioner of veter inary medicine, surgery and dentistry may exercise. Such permit shall expire on the day of the next regular meeting

Temporary permit.

Effect of permit.

Expiration.

of the board. It shall be the duty of the secretary to keep List of on file in his office a list of all persons, with their respective permits. addresses, to whom temporary permits may be issued.

or title.

SEC. 4. It shall be unlawful for any person who is not a Unlawful graduate of any college giving instruction in veterinary use of degree medicine, surgery and dentistry with a curriculum of not less than three years of six months each to use any college degree, or professional title or abbreviation in connection with his name which might be calculated to cause the public to believe that such person is a graduate as aforesaid and licensed under the terms of this act.

SEC. 5. From and after the passage of this act it shall Unlawful be unlawful for any person to practice veterinary medicine, practice. surgery or dentistry or any of the various branches thereof unless such person shall be duly registered and licensed by

the State Veterinary Board as herein provided. No person Conditions of shall be registered by said board unless and until he shall registration. take and pass in a satisfactory manner such examination as may be required by the State Veterinary Board and shall furnish satisfactory proof of his identity. No person shall be eligible to take the examination herein provided for unless he has completed a course of study in a regular veterinary college having a curriculum of not less than three years of six months each and which shall require the personal attendance of its pupils, and shall have received a diploma from said college. The examination shall be upon Examination. such subjects as may be prescribed by the State Veterinary Board and an average percentage of not less than seventyfive per cent with a standing of not less than fifty per cent in any subject shall be required. The examination shall be when held. granted to applicants entitled to take the same at the time of the annual meeting of the board on the first Tuesday after the first Monday in February. Said board may make all necessary and reasonable rules for the conduct of the examination: Provided, That the provisions of this section Proviso, shall not be deemed to apply to those persons who are duly Presses. licensed under the laws of this State to practice veterinary medicine or surgery, and the various branches thereof at the time this amendment becomes operative, it being the intention hereof to allow such licensees to continue in the practice of their profession. A fee of ten dollars shall be paid by Examination each applicant for examination and registration, and any such applicant who fails to pass the examination may be permitted to take the next following examination without the payment of an additional fee upon furnishing satisfactory evidence to the board that he has taken work to prepare himself for such re-examination and for the practice of the Re-examinaprofession.

present

fee.

tion.

keep books.

SEC. 7. It shall be the duty of the secretary of the State Secretary to Veterinary Board to keep a proper book or books in which shall be entered the names and addresses of all persons in

To turn over feos. Certificate

this State who shall be registered and licensed to practice veterinary medicine, surgery, or dentistry in any of its branches. All fees received by said secretary shall be immediately turned over by him to the treasurer who shall pay the same into the general fund in the State treasury. A suitof registation. able certificate of registration shall be furnished by the State Veterinary Board to each person entitled thereto, which said certificate shall be conspicuously displayed in the office of the applicant and shall be evidence that such person is entitled to practice veterinary medicine, surgery and dentistry in all of the various branches thereof.

Revocation of license.

Notice

of hearing.

Proviso, conviction by court.

Fraudulent license.

Penalty.

SEC. 15. Any license heretofore or hereafter granted under the provisions of this act may be revoked by the State Veterinary Board after proper notice and hearing, if the holder thereof shall violate any of the provisions of this act. Reasonable notice of the time and place of such hearing shall be served on the person whose license it is proposed to revoke and proper opportunity shall be given to him to be heard in his defense: Provided, That the license of any person who has been convicted before a court of competent jurisdiction of any violation of this act may be revoked by said board without notice or hearing upon filing with said board a certified copy of the record of such conviction. Any license procured by fraud or by false and untrue statements or affidavits may be likewise revoked. Any person procuring registration by fraudulent means shall be deemed to be guilty of a misdemeanor and upon conviction thereof may be punished by a fine of not more than five hundred dollars or by imprisonment in the county jail for not more than one year, or both such fine and imprisonment in the discretion of the court. Any person making a false affidavit shall be deemed guilty of perjury and liable to be prosecuted and punished accordingly: Provided further, That the license of any person claiming the right to practice veterinary medicine, surgery or dentistry may be revoked by said board upon satisfactory proof that such person is incompetent by reason of his habits, or otherwise, to practice the profession. Any such licensee who practices a fraud upon the public or upon Fraud deemed any person by claiming to be able to cure incurable diseases of animals shall be deemed to be incompetent to practice the profession within the meaning of this section. Approved April 8, 1915.

False affidavit.

Proviso, incompetency.

incompetency.

[No. 46.]

AN ACT to prevent fraud in the sale and disposition of stocks, bonds or other securities sold or offered for sale within the State of Michigan by any dealer, firm, company, association or corporation, foreign or domestic, by requiring an inspection of such stocks, bonds, or other securities and an inspection of the business of such persons, firms, companies, associations or corporations, including dealers and agents, and such regulation and supervision of the business of said persons, firms, companies, associations, or corporations, including dealers and agents, as may be necessary to prevent fraud in the sale within the State, of any stocks, bonds or other securities, and to provide a penalty for the violation thereof, and to repeal act number one hundred forty-three of the Public Acts of nineteen hundred thirteen, approved May two, nineteen hundred thirteen, and all other acts or parts of acts inconsistent herewith.

The People of the State of Michigan enact:

SECTION 1. There is hereby created a commission to be known Securities as The Michigan Securities Commission and hereafter called commission. in this act "the commission," whose duty it shall be to administer and provide for the enforcement of all the provisions

of present

papers, etc.

of this act. Said commission shall consist of the Commis- Personnel. sioner of the State Banking Department who shall be president thereof; the State Treasurer of the State and the Attorney General of the State, all of whom shall be members of said commission during their respective terms of office and any two of whom shall constitute a quorum. The said com- Successor mission shall succeed the Michigan Securities Commission commission. created by act one hundred forty-three of the Public Acts of nineteen hundred thirteen, and as such successors shall re- Files. ceive all of the files, papers and property of said Michigan Securities Commission created by said act one hundred fortythree of the Public Acts of nineteen hundred thirteen. All Proceedings proceedings pending before said Michigan Securities Commis- saved. sion created by said act one hundred forty-three of the Public Acts of nineteen hundred thirteen shall be continued by the commission created by this act; all actions, civil and criminal, pending under said act one hundred forty-three of the Public Acts of nineteen hundred thirteen shall be continued and completed thereunder. Said commission shall office in have its office in the capitol in the city of Lansing, in rooms to be provided by the Board of State Auditors, and all of its records shall be there kept. It shall hold a regular meet- Meetings. ing on the first Friday of each month and may hold special meetings upon the call of the president. It shall keep a com- Record. plete record of all its meetings, its accounts and the business.

capitol.

employes.

Salaries.

Secretary and it transacts. It shall appoint a secretary whose salary shall not exceed the sum of twenty-five hundred dollars per annum and shall have power to employ such other and further assistance as may be necessary to carry out the provisions of this act. All salaries fixed by it shall be subject to the approval of the Board of State Auditors. It shall make such rules and regulations as may be necessary to carry out the provisions of this act and may prepare all necessary blanks to be used in its proceedings and in the conduct of its busi

Rules and regulations.

Domestic investment companies.

Foreign investment companies.

Act not to apply.

Proviso, suspension of sale of securities.

ness.

SEC. 2. Every person, corporation, co-partnership, company, or association (except those exempt under the provisions of this act) organized, or which shall hereafter be organized in this State, whether incorporated or unincorporated, which shall either himself, themselves or itself, or by or through others, sell or negotiate for the sale of any stocks, bonds or other securities issued by him, them or it within the State of Michigan, shall be known for the purposes of this act as a domestic investment company. Every such person, corporation, co-partnership or association resident of or organized in any other state, territory or government, shall be known for the purposes of this act as a foreign investment company.

SEC. 3. The provisions of this act shall not apply to (a) securities of the United States, or any foreign government, or of any state or territory thereof, or of any county, city, township, district or other public taxing subdivision of any state or territory of the United States, or any foreign government; (b) unsecured commercial paper; (c) securities of public or quasi public corporations, the issue of which securities are regulated by the Michigan Railroad Commission or by a public service commission or board of equal authority of any state or territory of the United States or securities senior thereto; (d) securities of State or National banks or trust companies, or building and loan associations of this State; (e) securities of any domestic corporation organized without capital stock and not for pecuniary gain, or exclusively for educational, benevolent, charitable or reformatory purposes; (f) mortgages upon real and personal property situated within this State where the entire mortgage is sold and transferred with the note or notes secured by such mortgages; (g) increase of stock sold and issued to stockholders, also stock dividends; (h) securities which are listed in any standard manual of information approved by said commission: Provided, however, That said commission shall have the power to call for additional and further information than that contained in such manuals with reference to any securities listed therein, and may, pending the filing of such information, suspend the sale of such securities, and also suspend, either temporarily or permanently, the sale of any securities listed in such manuals after a hearing