Reinsurance of risks. sion of steam boilers or their connections or by the breakage or rupture of machinery or fly wheels; and against loss of use and occupancy caused thereby; Fourth, To insure any person against bodily injury or death by accident, or against disability on account of sickness; Fifth, To insure any person, firm or corporation against loss or damage on account of the bodily injury or death by accident of any person, or against damage caused by automobiles, vehicles or draft animals to property of another, for which loss or damage said person, firm or corporation is responsible, or against accidental damage sustained by automobiles or vehicles, or against all of said contingencies; Sixth, To insure against a breakage of plate glass, local or in transit; Seventh, To insure any goods or premises against loss or damage by water caused by the breakage or leakage of sprinklers, pumps, water pipes or plumbing and its fixtures, and against accidental injury from other cause than fire or lightning to such sprinklers, pumps, water pipes, plumbing and fixtures; Eighth, To carry on the business commonly known as credit insurance or guaranty, either by agreeing to purchase uncollectible debts, or otherwise to insure against loss or damage from the failure of persons indebted to the assured to meet their liabilities; Ninth, To examine titles to real and personal property, furnish information relative thereto, and insure owners and others interested therein against loss by reason of encumbrances or defective title; Tenth, To insure against loss or damage by burglary, theft or house breaking. Every company organized under this act shall have authority to reinsure any risk authorized to be undertaken by them. and to grant reinsurance 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 than that specified in some one or more of the foregoing subdivisions; but a corporation may be formed for the combined purposes specified in the first and fourth subdivisions; or, upon compliance with the requirements of sec tions five thousand one hundred ten, five thousand one hun dred eleven, five thousand one hundred twelve, five thousand one hundred thirteen, five thousand one hundred fourteen and five thousand one hundred fifteen of the Compiled Laws of eighteen hundred ninety-seven, for all the purposes combined, or any two or more of them specified in the third, fourth, fifth, sixth, seventh, eighth, ninth and tenth subdivisions. A life insurance company may insure against the death of the insured by accident or against disability on account of accident or sickness, but against no other con tingency specified in any subdivision of section one of this act, unless engaged in insuring against such other con tingency in this State prior to the first day of January in the year nineteen hundred nine. The provisions of this act Provisions shall apply to any company heretofore organized, or that may applicable. hereafter be organized under this provision, for any or all of the purposes above specified. SEC. 4. The capital of any stock company organized under Capital stock. this act shall not be less than one hundred thousand dollars, 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 one million dollars; and no such stock company, and no company organized to do business on the mutual plan, shall be authorized to issue policies or assume any risk whatever until they have depos ited with the State Treasurer, as security for any liability to insured parties, stocks or bonds of the United States or of any state or territory of the United States, or of any city, county, village, township or school district 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: Pro- Proviso. vided, however, That such deposits shall be made within one year from the date of the articles of association: Provided Further further, That the capital of any stock company organized to proviso. do a general indemnity and surety bonding business shall be, for the separate purpose 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 Further propersonal obligations secured by first mortgage on improved viso, first and productive real estate within this State, worth at least double the amount of the lien and bearing interest of not less than five per cent 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 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 it shall mortgage. Proviso, net indebtedness. Proviso. Further proviso. have received at least five hundred applications for insur ance, on which the premiums shall amount to at least five thousand dollars, nor until the examination by the Attorney General and Commissioner as hereinafter provided: Provided, That the 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, county, village, township or school district, 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, county, village, township or school district, omitting debt created for supplying the inhabitants with water, and deducting the amount of sinking funds available for the payment of such indebtedness: . Provided, That such first mortgage bonds of corporations organized under the laws of the State of 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 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 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. Approved June 2, 1909. When trustee, etc, not liable to tax. [No. 298.] AN ACT in relation to the collection of inheritance taxes in certain cases. The People of the State of Michigan enact: SECTION 1. No heir, legatee, beneficiary, trustee, executor, administrator or surety shall be held liable for any inheritance tax upon the transfer of property in any estate in which the property has been distributed by order of the court prior assessments. [No. 299.] AN ACT to regulate the practice on appeal in chancery, and to repeal act number three hundred forty of the public acts of nineteen hundred seven, and all other acts contravening or inconsistent with the provisions of this act. The People of the State of Michigan enact: may be made. SECTION 1. Any complainant or defendant, who may con- When appeal sider himself aggrieved by an order sustaining or overruling a general demurrer, or by the decree or final order of a circuit court in chancery, in any cause, may appeal therefrom to the supreme court: Provided, That when an appeal is taken from Proviso. an order sustaining or overruling a general demurrer the case shall, upon decision thereof by the supreme court, be remanded to the circuit court in chancery, and the complainant may amend his bill of complaint or the defendant may file his answer, as the case may be, within such time as the su preme court may prescribe, and the cause shall then be disposed of as though no appeal had been taken: Provided Further further, That where there are two or more defendants a portion of whom only demur, all proceedings shall be stayed as to the other defendants, except filing and serving pleadings, until such demurrer is finally disposed of. proviso. peal, filing of SEC. 2. Any party desiring to appeal from the order or Claim of apdecree of the circuit court in chancery shall, within forty days after the entry of such order or decree, or, in cases where the cause is heard upon proofs and pleadings taken in open court, or before a circuit court commissioner, or by deposition, then within forty days after the settlement of the case upon such appeal, file or cause to be filed a claim of appeal in writing with the register of the court where such decree or order was entered, and shall also within the said forty days pay a fee of five dollars to the register in chancery: Pro- Proviso. vided, That on appeal from an order sustaining or overruling Further proviso. Court may extend time. Proviso. Further proviso. Bond. Application for approval. Proviso. Further proviso, additional bond. Evidence. a general demurrer, the time for taking an appeal shall be computed from the expiration of the time granted by the court to the complainant to amend or defendant to answer the bill of complaint: Provided further, That when any order or decree is entered in vacation, the time for taking an appeal shall be computed from the time of the service of notice of such decree as provided by law. SEC. 3. The circuit court in which such decrce or order was rendered or the judge of such court at chambers, or any justice of the supreme court may, upon cause shown and notice to the opposite party, extend the time for taking or perfecting any appeal: Provided, That the time for perfecting an appeal shall not be extended for more than one year from the entry of the order or decree appealed from: Provided further, That the time in which appeals may be taken and perfected may be extended, not exceeding six months from the expiration of the time herein specified, by the supreme court or one of the supreme court justices at chambers, when any party has been prevented from taking such appeal by circumstances beyond his control. Such extension shall only be made on special motion and after a proper showing. SEC. 4. No appeal shall operate to stay proceedings in said cause unless the party taking such appeal shall, within the time allowed for perfecting such appeal, file with the register of said court a bond to the appellee or appellees with sufficient surety or sureties to be approved by the circuit judge or a circuit court commissioner of said county or a justice of the supreme court, and with such penalty as such judge or commissioner shall approve, conditioned for the performance or satisfaction of the decree or final order of the supreme court in the cause, and payment of all costs of the appellee or appellees in the matter of the appeal. Notice of the application for the approval of such bond shall be given to the appellee or appellees as on other motions, which notice shall contain the penalty and the names of the sureties of the proposed bond, and upon the hearing of said application such appellee or appellees shall be heard as to the sufficiency of the penalty named in and the responsibility of the sureties proposed to such bond: Provided, That in case such bond be ap proved by a circuit court commissioner, the circuit court in which such decree or final order was rendered or the judge of such court at chambers may on motion order an additional bond and fix the penalty therein, and approve the sureties thereto Provided further, That the supreme court or any justice thereof may, on special motion and proper showing, after such appeal has been perfected, order an additional bond and fix the penalty thereof and approve the sureties thereto. SEC. 5. The evidence, if any, taken on the hearing on said cause in open court or before a circuit court commissioner or |