Board may liberate reformed offenders.

Location of House

of Correction.

approved: Provided, also, That if such judgment be disap proved, such Police or Justices' Courts are hereby authorized to pass sentence as in other cases provided by law. (e)

(6246.) SEC. 13. It shall be lawful for the board of control, whenever in their discretion they may deem any of the offenders imprisoned in the said institution to have been so far reformed as to justify his or her discharge, to liberate such offender, or to bind him, her, or them, by articles of indenture, for that purpose to be entered into, to any suitable person who will engage to instruct such offender in some proper art or trade, according to the terms of said articles of indenture. (f)

(6247.) SEC. 14. The said board of control shall locate the said House of Correction for Juvenile Offenders, at or near Lansing, in the County of Ingham: Provided, That a suitable piece of land, of not less than twenty acres, shall be donated for that purpose, free of all charge to the State.

SEC. 15. This act shall take effect immediately.

(e) (f) As Amended. See Note (a).

APPENDIX.

APPENDIX.

AN ACT to Authorize the Business of Banking.

ABSTRACT of the Laws of the United States relative to the Naturalization of Aliens.

AN ACT to Prescribe the Mode in which the Public Acts, Records and Judicial Proceedings
in each State shall be authenticated so as to take effect in every other State.

AN ACT Supplementary to the Act last mentioned.

AN ACT respecting Fugitives from Justice, and persons escaping from the service of their
Masters.

AN

GENERAL BANKING LAW.

ACT TO AUTHORIZE THE BUSINESS OF BANKING.

[Approved February 16, 1857. Laws of 1857, p. 362.] (a)

scciate.

SECTION 1. The People of the State of Michigan enact, That Persons may asy person, or number of persons, may associate to establish ices of discount, deposit, and circulation, upon the terms d conditions, and subject to the liabilities prescribed in this ; but the aggregate amount of the capital stock of any be not less than h association shall not be less than fifty thousand dollars. dollars.

Capital Stock to

fifty thousand

This Act does not take effect until Approved by the People, in the manner provided by the tution, Article 15, Section 2. It is to be submitted to a vote at the November election of See Section 60.

stock may be in

Stocks.

take lien as se

Capital Stock,

Three-fourths of Three-fourths of the capital stock of any bank may be invested vested in Public in public stocks, as security for its circulating notes. No bank shall take, as security for any loan or discount, a lien on any part of its capital stock, but the same security, both in kind and amount, shall be required of shareholders and Bank shall not of persons not shareholders; and no bank shall be the holder curity on its own or purchaser of any portion of its capital stock, or of the capital nor hold its own stock of any other incorporated company, unless such purchase shall be necessary to prevent loss upon a debt previously contracted in good faith, on security which at the time was deemed adequate to insure the payment of such debt, independent of any lien upon such stock; and stock so purchased shall in no case be held by the bank so purchasing, for a longer period of time than six months, if the same can be sold for what the stock cost, or at par.

or other Capital Stock.

Certificate; what to specify.

SEC. 2. Such person, or persons, under their hands and seals, shall make a certificate in writing, which shall specify:

1. The name assumed to distinguish such association, and to be used in all its dealings;

2. The place where the operations of discount and deposit of such association are to be carried on, designating the particular county, city, town or village, at which place such person or association shall keep an office for the transaction. of its business, and for the redemption of its circulating notes;

3. The amount of the capital stock of such person, or association, and the number of shares into which the same is divided;

4. The name and place of residence of the shareholders, and the number of shares held and owned by each of them respectively;

5. The period at which such association shall commence and terminate, and which period shall not exceed thirty

years;

6. The names and place of residence of the several directors and officers, and the number of shares of the capital stock of such association, owned and held by each of such directors and officers; which certificate shall be proved or acknow ledged and recorded in the office of the Register of Deeds of the County where any office of such association shall be established, and a copy thereof filed in the office of the Secretary of State.