Michigan Const. art. IX, § 20

Michigan Constitution

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

Michigan Const. art. IX, § 20 (Deposit of state money in certain financial institutions; requirements) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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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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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.

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.