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next following the time when this act becomes operative, file with the Commissioner of the Banking Department a certificate executed by the executive officers of each bank in substantial conformity to requirements of original article of incorporation provided for in section two (2) of this act; or any bank so exist- Existing banks ing may within the same time reorganize under this act, and may re-organize. when so reorganized all securities, real estate, property and assets of every kind shall become vested in such reorganized bank without any formal conveyance or transfer, but no such reorganization shall have the effect to discharge the original bank, its directors or stockholders from any liability to its depositors, or any other person, but the same shall continue until legally discharged, and such reorganized bank shall be legally Re-organization liable to pay every claim, demand and obligation existing existing liabilagainst the bank whose assets and property, or any part thereof, ities. it has received by virtue of such reorganization.

not to discharge

false swearing

of bank.

SEC. 61. Every officer or employé of a bank required by this Penalty for act to take any oath or affirmation, who shall willfully swear or by officer, etc., affirm falsely, shall be deemed guilty of perjury, and upon conviction thereof shall be punished as provided by the laws of this State in case of perjury.

SEC. 62. Nothing in this act contained shall be so construed Foreign as to prevent any bank organized or doing busines under this exchange, etc. act from making or issuing bills of exchange on foreign countries or places beyond jurisdiction of the United States; which bills of exchange may be made payable at or with the customary usance, and at or within ninety days' sight, but no such draft or bill of exchange shall be used or put in circulation as money by any such bank.


SEC. 63. The legislature may at any regular session thereof Provisions for alter or amend this act, or any part thereof, by a vote of two- this act. thirds of the members of the Senate and House of Representatives constituting said bodies; and hereafter it shall not be necessary to submit any such proposed alteration or amendment to the electors of the State for adoption or approval, but all such acts shall be valid and effectual when so passed by the legislature and approved as other laws are in accordance with the constitution of this State.

SEC. 64. All acts and parts of acts of which this act is Acts repealed. amendatory or supplementary, inconsistent with the provisions of this act, are hereby repealed.

mitted to vote

SEC. 65. This act shall be submitted to the electors of this Act to be subState for their approval or disapproval at the next general elec- of electors, tion. At said election a ballot-box shall be provided and kept when. by the several boards of inspectors thereof for receiving the votes cast for or against this act; and on the ballot shall be Form of ballots. written or printed, or partly written and partly printed, the words "A general banking law-Yes," or, "A general banking law-No." SEC. 66. The canvass of the votes cast for or against this act, Canvass of votes, and the returns thereof, shall be made by the proper canvassing officers, within the same time, and in the same manner as now

When this act
to become
a law.

provided by law for the canvass and return of the votes cast at the said general election, and the result be declared by the board of canvassers at the same time and manner as the result of the canvass for State officers; and if it shall appear that a majority of the votes cast at such election have thereon "A general banking law-Yes," this act shall become a law, and take effect within sixty days after said general election.

Approved June 21, 1887.


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of reports of State banks, Dec. 19, 1890..

national banks in Michigan, Dec. 19, 1890_

combined reports of State and National banks in Michigan, Dec. 11, 1889.

State and National banks in Mich., Dec. 19, 1890.

Detroit banks, Dec. 19, 1890.

Detroit clearing house for years 1889-90-

Grand Rapids banks, Dec. 19, 1890.

Saginaw banks, Dec. 19, 1890..

Bay City banks, Dec. 19, 1890.


may be altered or amended.

shall apply to all State banks.

when to take effect...


banks of, statements.

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holding stock not personally liable..

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