fowl by any means whatever during such time, as said person or persons are upon any floating device or contrivance propelled by or using any motor power, steam, gas, naphtha, oil, gasoline or electricity or when upon any sail boat, nor shall any person or persons make use of any swivel or punt gun for killing any of the wild water fowl or make use of any battery, sink boat or similar device whatever, save only gun. a gun of not greater size than ten gauge, such gun to be held Gauge of in the hand at the time of firing, and it shall be unlawful for any person to kill in any one day more than twenty-five Number of game fowl or birds mentioned in this section, and it shall be birds limited. unlawful for any person to have at any time in his possession or in the possession of any person, firm or corporation for him, more than seventy-five such game, fowl or birds. Approved June 18, 1907. [No. 171.] AN ACT to amend section two of act one hundred fifty-four of the public acts of nineteen hundred five, entitled "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: amended. SECTION 1. Section two of act one hundred fifty-four of Section the public acts of nineteen hundred five, entitled "An act to confer upon fire and marine insurance companies authority to insure property against loss or damage by lightning, wind and water," is amended to read as follows: damage from SEC. 2. Nothing contained in this act shall be construed Liability for as in any way limiting or changing the liability under the water. ordinary fire policy for damage resulting from water in case of fire. This act is ordered to take immediate effect. Title and sections amended. [No. 172.] AN ACT to amend the title and sections one and four of an act, entitled "An act in relation to life insurance companies transacting business within this State," as amended, being sections seven thousand one hundred ninety and seven thousand one hundred ninety-three of the Compiled Laws of eighteen hundred ninety-seven. The People of the State of Michigan enact: SECTION 1. The title and sections one and four of an act, entitled "An act in relation to life insurance companies transacting business within this State," as amended, being sections seven thousand one hundred ninety and seven thousand one hundred ninety-three of the Compiled Laws of eighteen hundred ninety-seven, are amended to read as follows: Title. Number may incorporate for life insurance or surety bonding business. TITLE. An act in relation to life and casualty insurance companies and surety bonding companies transacting business within this State. SEC. 1. Any number of persons, not less than thirteen, may associate together to form an incorporated company for the purpose of making insurance upon the lives of individuals, and of every insurance pertaining thereto, and to grant, purchase and dispose of annuities; also, against sickness, accidental injuries and death by accident; the indemnity of em ployers against injury or death by accident of their employes, and injury or death of persons occasioned by the explosion of steam boilers, the insurance of persons holding positions of public or private trust, and the doing of a general inReinsurance. demnity and surety bonding business. Every company organized under this act shall have authority to reinsure any risk bereafter authorized to be undertaken by them, and to grant re-insurance upon any similar risk undertaken by any other company, but shall not have power to undertake marine and fire risks, or any other species of insurance whatever, except upon lives, or to be in any way connected in their business with any company undertaking other risks than upon the lives of individuals, except as herein provided. The provisions of this section shall apply to any company heretofore organized, or that may hereafter be organized, under its provisions, for the purpose of insuring the lives of individuals, or for the purpose of paying indemnity for accidental injuries and sickness. Fire and marine insurance prohibited. Capital stock, how increased, SEC. 4. The capital of any stock company organized under limit, etc. this act shall not be less than one hundred thousand dol state pany. lars in shares of fifty dollars each, which capital stock may be increased by a vote of two-thirds of the stockholders present or represented at any regular meeting called for that purpose to not more than five hundred thousand dollars; and no such stock company, and no company organized to Deposit with do business on the mutual plan, shall be authorized to issue treasurer. policies or assume any risk whatever until they shall have deposited with the State Treasurer, as security for any liability to insured parties, stocks or bonds of the United States or of this State, or of any city or county in this State authorized by act of legislature to issue the same, or first mortgage bonds of corporations organized under the laws of the State of Michigan, to the amount in par value, exclusive of interest, of not less than one hundred thousand dollars, which stocks or bonds shall be retained by the State Treasurer, and disposed of as hereinafter directed: Provided, That the capital Proviso, as to capital, deof any stock company organized to do a general indemnity posit, etc., of and surety bonding business shall be, for the separate pur- surety compose of such surety bonding business and additional to the capital required in any other business in which it may be lawfully engaged, not less than two hundred fifty thousand dollars nor more than one million dollars, and its deposit of securities with the State Treasurer as herein provided for shall not be less than two hundred thousand dollars, and such capital and such deposits shall be used solely in, and shall be liable only for the debts and liabilities of such surety bonding business: Provided further, That personal obligations Further secured by first mortgage on improved and productive real mortgages. estate within this State, worth at least double the amount of the lien and bearing interest of not less [than] five per centum per annum, may be received by the State Treasurer instead of the bonds or stock herein before provided for in this section. Such mortgages shall be properly assigned to the State Treasurer as provided for in section twenty-one of this act, but any examination by the State Treasurer or under his Examination. direction to satisfy him respecting the title or value of the property mortgaged shall be at the expense of such company; and no mutual insurance company shall commence business, by issuing policies, until they shall have received at least five hundred applications for insurance, on which the pre- Insurance miums shall amount to at least five thousand dollars, nor when may until the examination by the Attorney General and commis- issue policies. sioner as hereinafter provided: Provided further, That the Further net indebtedness of said city or county shall not exceed five per cent of the assessed valuation of all the real estate of said city or county, 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 shall be construed to denote the indebtedness of any city or county, omitting debt created for supplying the inhabitants with water, and deducting the amount of sinking funds available for the payment of such proviso, companies, proviso. mortgage bonds of of securities. Proviso, first indebtedness: Provided also, That such first mortgage bonds of corporations organized under the laws of the State of corporations. Michigan shall not be accepted as surety unless the corporation issuing such bonds shall have paid interest on said bonds and dividends on its capital stock for three successive years immediately preceding the deposit of such security; and Depreciation in case any of said securities shall depreciate below par, the State Treasurer is hereby authorized and directed to cause the corporation which has deposited them to make such depreciation good by additional deposit of such securities as are allowed by law and to prohibit any corporation from transacting any insurance business within this State until the Proviso, laws same shall have been deposited: Provided further, That all provisions of law relating to the business in this State of companies doing a general surety bonding business, which are organized under the laws of other states or countries and are doing business in this State, and all other existing laws of this State relating to such surety bonding business, in any manner, shall apply, so far as they may be applicable thereto, to companies organized for the purpose of doing a general surety bonding business under the provisions of this act. to apply to surety companies. This act is ordered to take immediate effect. Section amended. Articles, what to contain. Names, address. [No. 173.] AN ACT to amend section two of chapter one hundred ninety-three of the Compiled Laws of eighteen hundred ninety-seven, entitled "An act in relation to life insurance companies transacting business within this State," being section seven thousand one hundred ninety-one of the Compiled Laws of eighteen hundred ninety-seven. The People of the State of Michigan enact: SECTION 1. Section two of chapter one hundred ninetythree of the Compiled Laws of eighteen hundred ninety-seven, entitled "An act in relation to life insurance companies transacting business within this State," is hereby amended to read as follows: SEC. 2. The persons so associating shall subscribe articles. of association, which shall contain: First, The names of the associates, and their places of residence respectively; name, office, Second, The name by which the corporation shall be Corporate known, which shall not be the same as, nor too closely re- etc. sembling, the name of any other corporation organized under the laws of this State, or doing business in this State, and the place where its principal office for the transaction of business is to be established, and the period for which it is to be incorporated; Third, The purposes of the incorporation, as mentioned in Purposes. the first section of this act; Fourth, The manner in which the corporate powers are to Directors, etc. be exercised; the number of directors and other officers, and the manner of electing the same, and how many of the directors shall constitute a quorum, and the manner of fill. ing all vacancies; stock. Fifth, The amount of the capital stock, if any, and what Capital proportion is to be paid in before the corporation shall commence business; meetings. etc. Sixth, The time for the holding of the annual meetings of Annual the corporation; and, Seventh, Any terms and conditions of membership therein Membership, which the corporators may have agreed upon, and which they may deem important to have set forth in such articles. And Copy of articles, etc. the said corporators shall publish a copy of said articles, with notice of their intention to become incorporated under the same, in some newspaper published in the county where the principal office is to be located, once in each week for at least four weeks before filing such articles as hereinafter Proof of provided; and at the time of filing such articles, they shall also file with the Secretary of State, proof of such publication. Approved June 18, 1907. publication. [No. 174.] AN ACT to amend section four of chapter one hundred ninety-three of the Compiled Laws of eighteen hundred ninety-seven, entitled "An act in relation to life insurance. companies transacting business within this State," as amended by the several acts amendatory thereof. The People of the State of Michigan enact: amended. SECTION 1. Section four of chapter one hundred ninety- Section three of the Compiled Laws of eighteen hundred ninety-seven, entitled "An act in relation to life insurance companies transacting business within this State," as amended by the several acts amendatory thereof, is hereby amended to read as follows: |