MI · constitutions
Mich. Const. art. IX, § 20
Deposit of state money in certain financial institutions; requirements
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
Provenance
- Source
- legislature.mi.gov
- Retrieved
- 2026-09-29
- Edition
- supplied-2026-09-07
- Content hash
457fb4fafdbebe3ab3d06470a01197ab84ac8bf8163d913865f8ac23353154bf
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