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Michigan Constitution

Article IX, § 20 — Deposit of state money in certain financial institutions; requirements

Michigan Const. art. IX, § 20

This text of Michigan Const. art. IX, § 20 (Deposit of state money in certain financial institutions; requirements) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

JurisdictionMichiganDocumentConstitution
ArticleIX
Section§ 20
CitationMichigan Const. art. IX, § 20
Bluebook
Mich. Const. art. IX, § 20.

Full Text

Sec. 20. No state money shall be deposited in banks, savings and loan 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.

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History

History: Const. 1963, Art. IX, § 20, Eff. Jan. 1, 1964;—Am. H.J.R. GG, approved Nov. 7, 1978, Eff. Dec. 23, 1978.; Former constitution: See Const. 1908, Art. X, § 15.

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Bluebook (online)
Michigan Const. art. IX, § 20, Counsel Stack Legal Research, https://law.counselstack.com/constitution/mi/IX/20.