Penalty. liable to it by reason of overdrawn account; any president, vice-president, director, cashier, teller, bookkeeper, clerk, or any other person employed by any bank, who knowingly, wilfully and persistently overdraws his or her account shall be deemed guilty of a misdemeanor, and upon conviction thereof shall be punished by a fine of not more than one hundred dollars, or by imprisonment in the county jail for not more than ninety days, or by both, in the discretion of the court. Approved March 18, 1919. Section amended. When person may be quarantined. Duty of board of health. Proviso, indigent person. [No. 22.] AN ACT to amend section fifteen of chapter thirty-five of the Revised Statutes of eighteen hundred forty-six, entitled "Of the preservation of the public health, quarantine, nuisances, and offensive trades," being section five thousand fifty-five of the Compiled Laws of nineteen hundred fifteen, as amended by act number seventy-seven of the Public Acts of nineteen hundred seventeen. The People of the State of Michigan enact: SECTION 1. Section fifteen of chapter thirty-five of the Revised Statutes of eighteen hundred forty-six, entitled “Of the preservation of the public health, quarantine, nuisances, and offensive trades," being section five thousand fifty-five of the Compiled Laws of nineteen hundred fifteen, as amended by act number seventy-seven of the Public Acts of nineteen hundred seventeen, is hereby amended to read as follows: SEC. 15. When any person coming from outside the county or residing in any township, city or village within this State shall be infected, or shall lately before have been infected with a dangerous communicable disease, the board of health of the township, city or village where such person may be shall make effectual provision in the manner in which it shall judge best for the safety of the inhabitants and it may remove such sick or infected person to a separate house if it can be done without danger to his health, and shall thereupon report such case to the supervisor of the ward, or township, in which such infected person shall be, which supervisor shall provide nurses and other assistance and necessaries which shall be at the charge of the person himself, his parents or other persons who may be liable for his support, if able: Provided, If such person, his parents or other person who may be liable for his support, be not able to pay for such assistance and necessaries, the supervisor shall keep an itemized and sepa to audit claims. claims. rate statement of expenses incurred for each and every person cared for under this section and shall render such statement to the board of supervisors of the county or to the board of county auditors in counties having such a board by filing the same with the county clerk. The said board of super- Supervisors visors or board of auditors, as the case may be, shall, as soon as may be, proceed to audit the said bill, and if found that the expenses were necessarily incurred, the services actually and necessarily performed and the amounts claimed for such expenses and services are severally just and reasonable under the circumstances, the said board of supervisors, or board of auditors, shall allow the same or such parts thereof as the. majority of the members-elect of said board shall deem just, and provide for their immediate payment by the said county; Payment of and in auditing such accounts said several boards of supervisors, or boards of auditors, shall have full power to examine into the merits of all claims presented to them in accordance with the provisions herein contained, and may subpoena witnesses and take any other measures necessary to arrive at the truth of the same; and the board of supervisors is hereby empowered, if necessary, to borrow money on the faith and credit of the county to pay all such necessary bills and expenses and to include the same in the next appropriation of money to be raised by taxation in said county: Provided, Proviso, fee The board of supervisors or county board of auditors shall fix the maximum fee and mileage for medical attendance upon contagious diseases chargeable to the county and shall authorize the superintendents of the poor, upon the application of any board of health of a township, city or village, to contract with a physician or physicians to attend contagious diseases. Approved March 18, 1919. for mileage and attendance. [No. 23.] AN ACT to amend sections twenty-four and twenty-seven of act number two hundred five of the Public Acts of eighteen hundred eighty-seven, entitled "An act to revise the laws authorizing the business of banking and to establish a banking department for the supervision of such business," as amended, being compilers' sections seven thousand nine hundred ninety-three and seven thousand nine hundred ninety-six of the Compiled Laws of nineteen hundred fifteen. The People of the State of Michigan enact: amended. SECTION 1. Sections twenty-four and twenty-seven of act Sections number two hundred five of the Public Acts of eighteen hun Interest on deposits, etc. capital, etc. dred eighty-seven, entitled "An act to revise the laws authorizing the business of banking and to establish a banking department for the supervision of such business," as amended, being sections seven thousand nine hundred ninetythree and seven thousand nine hundred ninety-six of the Compiled Laws of nineteen hundred fifteen, are hereby amended to read as follows: SEC. 24. Commercial banks may allow interest on accounts or certificates of deposit, but all deposits in such banks shall be payable on demand without notice, except Investment of when the contract of deposit otherwise provides. Said banks may invest their capital and deposits, except the reserve provided for in this section, in negotiable or commercial paper, or loan the same upon personal securities. Each bank shall keep on hand or with national or State banks or trust companies located in cities approved by the Commissioner of the Banking Department as reserve cities, payable on demand, at all times at least twelve per cent of its total deposits, except that in cities of over one hundred thousand population each of such banks shall keep on hand or with national or State banks or trust companies in reserve cities, as aforesaid, payable on demand, twenty per cent of its deposits. Reserve, amount of, etc. Savings banks deposits, reserve required. SEC. 27. A savings bank shall keep at least twelve per cent of its total deposits on hand, or with national or State banks or trust companies, payable on demand, in cities Investments. approved by the Commissioner of the Banking Department as reserve cities, or invested in United States bonds; three-fifths of the remainder of the savings deposits shall be invested by the board of directors as follows: In U. S. or state bonds. Proviso. City, etc., bonds. Proviso. Road bonds. (a) In bonds of the United States, of any state or territory of the United States: Provided, That such state or territory has not, in the ten years preceding the time of such investment, repudiated its debt and failed to pay the same, or the interest due thereon, or upon any part of such debt; or (b) In the public debt or bonds of any city, county, township, village or school district of any state or territory in the United States, which shall have been authorized by the legislature of such state or territory: Provided, That the total indebtedness of such municipality does not exceed five per cent of its assessed valuation; except by a vote of twothirds of the board of directors, such bonds may be purchased if the total liabilities do not exceed ten per cent of its assessed valuation; or (c) In the legally authorized bonds of any road district in Michigan organized, constituted, and existing by virtue of the provisions of act number fifty-nine of the Public Acts of nineteen hundred fifteen, and amendments thereto; or (d) In the legally authorized first mortgage bonds of Steam railany steam railroad corporation organized under the laws of road bonds. any state of the United States: Provided, That such com- Proviso. pany has for five years prior to the time of making such investment by such bank, paid annually, dividends equal to not less than four per cent on its entire capital stock and has not during said period defaulted in the payment of the matured principal or interest of any debts incurred by it and secured by a mortgage or trust deed upon its property or any part thereof, or in the payment of any part of the matured principal or interest of any bonds guaranteed and assumed by it; leased lines. (e) In the first mortgage bonds of railroad companies Bonds of whose lines are leased or operated or controlled by any railroad company specified in paragraph (d) of this section, if said bonds be guaranteed both as to principal and interest by the railroad company to which said lines are leased or by which they are operated or controlled; ing mortgage (f) In the legally authorized mortgage bonds of any Bonds retirsteam railroad corporation organized under the laws of any indebtedness. state of the United States, which shall have been issued for the purpose of retiring all prior mortgage indebtedness on so much of the property of such company as is covered by the mortgage securing such issue of bonds, and further providing for additions, extensions or improvements: Provided, That Proviso. such company has for three years prior to the time of making such investment by said bank paid annually dividends equal to not less than four per cent on its entire capital stock, which capital stock shall equal or exceed in amount one-third of the par value of all its bonded indebtedness, and has not, during the same period, defaulted in the payment of the matured principal or interest of any debts incurred by it and secured by mortgage or trust deed upon its property or any part thereof, or in the payment of any part of the matured principal or interest upon a bond guaranteed or assumed by it: Provided, That said issues of bonds shall have been Proviso, approved by the securities commission hereinafter provided approval. for; (g) In the legally authorized first mortgage bonds of any electric railroad, street railway, gas or electric light or power company, organized under the laws of the State of Michigan: Provided, That such company has, for five years prior to the time of making such investment by said bank, paid annually dividends equal to not less than four per cent on its entire capital stock, and has not during the same period defaulted in the payment of the matured principal or interest of any debts incurred by it and secured by mortgage or trust deed upon its property or any part thereof, or in the payment of any part of the matured principal or interest of any bonds guaranteed or assumed by it; or in the first mortgage bonds of any such company which has been in operation less than Bonds of street railway, etc. Condition of plant. Proviso, approval. Steamship company bonds. Proviso. Further proviso, retirement of bonds. Further proviso, insurance. five years: Provided, That the cost of construction and equipment of the plant of such company shall exceed by at least fifty per cent the amount of the entire bonded indebtedness of such company, and the said plant and equipment shall be free from all other liens and encumbrances, and the said company shall have earned during the period it has been in operation, more than enough to pay all interest accrued on all said bonds and not less than four per cent per annum dividends upon its entire capital stock outstanding: Provided, That said issues of bonds shall have been approved by the securities commission hereinafter provided for. (h) In the legally authorized first mortgage bonds of steamship companies: Provided, That such mortgages shall be upon steel steamship or steamships for the carriage upon the great lakes and connecting waters of package freight and passengers combined of at least five thousand tons carrying capacity each, and upon bulk freighters of at least seven thousand tons carrying capacity each: Provided, That such bonds are issued at the time of completion and enrollment of such steamship or steamships, or within one year thereafter: And provided further, That by the express terms of said mortgage, at least ten per cent of the total issue of said bonds shall be retired annually, beginning within two years from the date of said bonds, and that the mortgage liability against said property shall not exceed one-half of its actual cost: And provided further, That the trustees of such mortgage shall be required to protect the lien of said mortgage by attending to the recording thereof and by causing property covered by said mortgage to be insured against all risks on vessel property ordinarily covered by such insurance, including marine risks and disasters, general and particular average, collision liability, protection and indemnity insurance and insurance against liability for injuries to persons, in insurance companies and under forms of policies approved by the trustee, for an amount equal to the full insurable value of such steamship, such insurance to be made with loss payable to said trustee and the policies deposited with it: And provided further, That there shall be filed with the Commissioner of the Banking Department of this State a schedule of the insurance upon such property, which schedule shall be signed by the trustee under said mortgage and shall be accompanied by the certificate of said trustee that the policies mentioned in said schedule are held by said trustee, and are payable to said trustee in case of loss for the benefit of the holders of the outstanding bonds issued under such mortgage: And provided further, That similar certificates be filed from time to time by said trustee with said Commissioner of the Banking Department of this State, evidencing renewals of said insurance by proper policies or legal insurance binders: Provided further, That by the terms of such mortgage, the mortgagor shall not suffer such steamship to indebtedness. become indebted in an amount exceeding five per cent of the Further proviso, schedule. Further proviso, renewals of insurance. Further proviso, amount of |