Accounts of companies, how kept. Open to stockholders Fee. Expenses. have the power to incur all expenses it finds necessary in enforcing the provisions hereof. SEC. 13. General accounts of every investment company, domestic or foreign, shall be kept in a businesslike and intelligent manner and in sufficient detail that said commission can ascertain at any time its financial condition and the books of accounts shall at all times during business hours, except on Sundays and legal holidays, be open to stockholdand investors. ers and investors in said company, and the said commission, or its duly authorized representatives, and all such investExamination. ment companies, shall be subject to examination by said commission or any member thereof, or the clerks, accountants or examiners thereof, at any time said commission shall deem it advisable, and in the same manner as is now provided for the examination of State banks, and such investment company shall pay a fee for each of such examinations of not to exceed seven dollars for each day or fraction thereof that any member of said commission, clerk, accountant or examiner is absent from the capitol building for the purpose of making such examination and shall also pay the actual travelling and hotel expenses of the person or persons making such examination and the failure or refusal of any investment company to pay such fees, upon demand of such commission, clerk, accountant or examiner, while making such examination shall work a forfeiture of the right of such investment company to sell or offer for sale any of its contracts, stocks, bonds or other securities in this State. In case of a preliminary examination of any investment company by said commission for the purpose of the ascertainment by said commission as to whether said company shall be permitted to come under the provisions of this act, the fee for such examination shall be the same as in this section provided, and in case it shall be made to appear to the commission from the examination of said investment company after said investment company has been authorized to sell its stocks, bonds and securities that the further sale of said stocks, bonds and other securities would work a fraud upon the purchaser, then said commission may make an order revoking the license of said investment company to sell its stocks, bonds and securities upon notice duly given and a hearing duly had and may, pending such hearing, suspend the right of said investment company to sell its stocks, bonds and securities. Forfeiture. Preliminary examination, fee. Revocation SEC. 14. It shall be unlawful for any investment company or dealer, or representative thereof, either directly or indirecty, to sell or cause to be sold, offer for sale, take subscriptions for, or negotiate for the sale in any manner whatever in this State, any stocks, bonds or other securities (except as expressly exempted herein), unless and until said commission has approved thereof and issued its certificate in accordance with the provisions of this act, nor shall it be lawful for any such investment company to transact business on any other plan than that set forth in the statements and papers required to be filed by virtue of the provisions of this act or the rules of the commission. It shall be unlawful for Unlawful advertisements, any investment company or dealer, or its or his agents, to etc. issue, circulate or deliver any advertisement, pamphlet, circular, prospectus, or other document in regard to its stocks, bonds or other securities in the State of Michigan differing in any way from the copy filed with said commission as provided by this act. It shall be unlawful for any newspaper published in the State of Michigan to advertise the sale of any stocks, bonds or securities which have not been approved by said commission or which are not exempt under the provisions of this act. sales by SEC. 15. No dealer within the meaning of this act shall Unlawful sell or offer for sale within this State any of the stocks, dealers. bonds or other securities of any investment company unless such investment company shall have fully complied with all the provisions of this act, nor until said dealer shall have registered with the commission, under the terms of this act: Provided, however, That should any dealer desire to sell or Proviso, offer for sale within this State the stocks, bonds or other se- unlicensed curities of an investment company, which has not itself com- stocks. plied with the provisions of this act, said dealer shall make application to the said commission for license as hereinbefore provided for applications by investment companies and shall pay the same fee required to be paid by said investment company. sale of to be public. may publish SEC. 16. All information obtained by the commission Information with reference to any securities and all records of the commission relating thereto shall be open to examination by the public, and it shall be the duty of the commission to preserve such information, and so classify and arrange it as to facilitate examination. The commission may from time to time Commission issue in pamphlet form, or by means of newspaper advertise- information. ments or otherwise, any and all information regarding any and all contracts, stocks, bonds or other securities sold or offered for sale within this State which it deems would be of public interest or advantage. All fees herein provided for Disposition shall be paid into the State treasury by the commission upon receipt thereof. of fees. affected. SEC. 17. Nothing in this act shall be construed to repeal Laws not or modify any laws giving the State Banking Department of this State control of and supervision over State banks and the business of banking in this State, nor shall any part of this act be construed to repeal or modify laws giving the Commissioner of Insurance of this State control of and supervision over the business of insurance in this State, and those engaged therein. SEC. 18. The commission shall adopt a seal with the Seal of words "Michigan Securities Commission" and such design as commission. Certified copies evidence. False statements or entries. Penalty. Commission to furnish information. Disposition of fees. Record. the commission may prescribe, engraved thereon, by which it shall authenticate its proceedings. Copies of all records and papers in the office of the commission certified by the secretary thereof and authenticated by the seal of said Michigan Securities Commission shall be received in evidence in all courts equally and with like effect as the originals. SEC. 19. Any person who shall knowingly or wilfully subscribe to or make or cause to be made any false statement or false entry in any book of any investment company, or who shall exhibit any false paper with the intention or for the purpose of deceiving any person authorized to examine into the affairs of said investment company or shall make or publish any false statement of the financial condition of said investment company or false statement relating to the contracts, stocks, bonds, or other securities by it issued and offered for sale, shall be deemed guilty of a misdemeanor and shall be punished as hereinafter provided. SEC. 20. The commission shall provide for the furnishing to those who may apply therefor, of any information regarding any investment company or its affairs, which is on file in its office, said commission to charge therefor approximately the cost of preparing such information. All fees collected under the provisions of this act shall be paid into the State treasury on the first day of each and every calendar month, and a complete record of all fees received shall be kept in the office of the commission, and all said fees so turned into the State treasury are hereby re-appropriated to the commission for the purpose of paying salaries and expenses necessary for carrying this act into effect. The members of the commission shall perform the duties imposed upon them and each of them, by the terms of this act, withcompensation. out other compensation than the salaries paid them by the State, but they shall be entitled to receive their actual expenses incurred when absent from the seat of government on business of the commission. Members to receive no additional Actual expenses. Statements filed by companies. supreme court. SEC. 21. Every investment company, domestic or foreign, shall file during the month of January in each and every year a detailed statement in such form and containing such information as the commission shall require showing its condition at the close of business on the preceding December thirty-first, and shall at the same time pay a filing fee therefor of one dollar. Jurisdiction of SEC. 22. The supreme court upon petition of any person aggrieved may review by certiorari any final order of determination of the commission. The issuance of the writ shall not, however, unless specifically ordered by the court, operate as a stay of proceedings. Penalty. SEC. 23. Any person or persons who shall violate any of the provisions of this act shall be deemed guilty of a misdemeanor and upon conviction thereof shall be fined not more than one thousand dollars or shall be imprisoned in the df jail for not more than one year, or both such fine and imprisonment in the discretion of the court. constitutional SEC. 24. Should the courts of this State declare any sec- Effect of untion or provision of this act unconstitutional or unauthor- provision. ized, or in conflict with any other section or provision of this act, then such decision shall affect only the section or provision so declared to be unconstitutional or unauthorized and shall not affect any other section or part of this act. SEC. 25. Act one hundred forty-three of the Public Acts Act repealed. of nineteen hundred thirteen and all acts or parts of acts in conflict herewith are hereby repealed. Approved April 9, 1915. [No. 47.] AN ACT to provide for the preparation, transportation and care of a Michigan exhibit at the national exhibition to be held in connection with the half century anniversary of negro freedom, in the city of Chicago in August and September, nineteen hundred fifteen; to create a commission to manage the said exhibit; and to make an appropriation therefor. The People of the State of Michigan enact: appointed. SECTION 1. Wilmot A. Johnson, Mary E. McCoy and Delegates Francis H. Warren, of Wayne county; Charles A. Warren, of Cass county; William R. Roberts, of Ingham county; Ellsworth S. Curtis, of Berrien county; S. Henri Browne, of Kent county; Margaret Williams, of Kalamazoo county and Oscar Baker, of Bay county; having heretofore been appointed by the Governor of the State of Michigan, delegates to the half century anniversary of negro freedom, to be held in the city of Chicago, state of Illinois, from the twentysecond day of August to the twenty-third day of September, nineteen hundred fifteen, are hereby created a commission to Constituted represent the State of Michigan at the exhibition to be held in connection with said celebration. The members of the commission, so constituted, shall serve without compensation, but shall be reimbursed for necessary and reasonable traveling, hotel and other expenses, actually and necessarily Expenses. incurred in the performance of their duties: Provided, That Proviso, the secretary of said commission shall receive such reason- compensation. able compensation as said commission may determine. The Officers. commission shall elect a president and a secretary from among its members. commission. secretary's SEC. 2. Within a reasonable time after this act takes ef- Election of fect, the commission shall organize by the election of a presi officers. Notice of organization. Duty of commission. Amount appropriated. Payment of bills. Portion returned. Tax clause. dent and secretary; a notice of the organization with a names of the president and secretary, with their signatures, shall be filed with the State Treasurer and the Auditor General. SEC. 3. It shall be the duty of the commission to collect, prepare, install and care for, at said exhibition, an exhibit of inventions and handiwork in art, science, manufacture and agriculture; and to prepare a manual showing the professional, political, religious and educational achievements of citizens of this State in whole or part of negro descent. SEC. 4. The sum of five thousand dollars, or as much thereof as may be necessary, is hereby appropriated out of the general fund in the State treasury, to be used in the discretion of the said commission in carrying out the provisions of this act. All bills shall be paid when rendered upon proper vouchers, drawn by the secretary of the commission, countersigned by the president of said commission, and approved by the Board of State Auditors. Any portion of the sum hereby appropriated which shall not be used shall remain in the general fund in the State treasury. SEC. 5. The Auditor General shall add to and incorporate in the State tax for the year nineteen hundred fifteen the sum of five thousand dollars, to be assessed, levied and collected as other State taxes are assessed, levied and collected, and shall be credited to the general fund to reimburse the same for the money hereby appropriated. This act is ordered to take immediate effect. Section amended. [No. 48.] AN ACT to amend section seven of chapter one of act number two hundred eighty-three of the Public Acts of nineteen hundred nine, entitled "An act to revise, consolidate and add to the laws relating to the establishment, opening, improvement, maintenance and use of the public highways and private roads, the comdemnation of property and gravel therefor; the building, repairing and preservation of bridges; setting and protecting shade trees, drainage, cutting weeds and brush within the State, and providing for the election and defining the powers, duties and compensation of State, county, township and district highway officials." The People of the State of Michigan enact: SECTION 1. Section seven of chapter one of act number two hundred eighty-three of the Public Acts of nineteen hun |