Mich. Comp. Laws § Article IX § 20
This is the official text of Mich. Comp. Laws § Article IX § 20, part of Michigan’s Comp. Laws — part of the compiled statutory law of Michigan, published by the state as "Comp. Laws." Browse the sections below, each linked to its official government source.
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Deposit of state money in certain financial institutions; requirements.
Official statutory text
Sec. 20.
No state money shall be deposited in banks, savings and loans associations, or credit unions, other than those organized under the law of this state or federal law. No state money shall be deposited in any bank, savings and loan association, or credit union, in excess of 50 percent of the net worth of the bank, savings and loan association, or credit union. Any bank, savings and loan association, or credit union, receiving deposits of state money shall show the amount of state money so deposited as a separate item in all published statements.
History: Const. 1963, Art. IX, § 20, Eff. Jan. 1, 1964; Am. H.J.R. GG, approved Nov. 7, 1978, Eff. Dec. 23, 1978
No state money shall be deposited in banks, savings and loans associations, or credit unions, other than those organized under the law of this state or federal law. No state money shall be deposited in any bank, savings and loan association, or credit union, in excess of 50 percent of the net worth of the bank, savings and loan association, or credit union. Any bank, savings and loan association, or credit union, receiving deposits of state money shall show the amount of state money so deposited as a separate item in all published statements.
History: Const. 1963, Art. IX, § 20, Eff. Jan. 1, 1964; Am. H.J.R. GG, approved Nov. 7, 1978, Eff. Dec. 23, 1978
Status: in_force · Read it on the official government site
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