Michigan § 129.16 Definitions.

Michigan Statutes

§ 129.16 — Definitions.

Michigan § 129.16

Ch. 129PUBLIC FUNDS

Act 40 of 1932 (1st Ex. Sess.)DEPOSITORIES FOR PUBLIC MONEYS (129.11-129.16)

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Bluebook

Mich. Comp. Laws § 129.16 (2026).

Text

DEPOSITORIES FOR PUBLIC MONEYS (EXCERPT) Act 40 of 1932 (1st Ex. Sess.) 129.16 Definitions. Sec. 6. As used in this act:

(a)"Deposit" includes the purchase of or investment in shares of a credit union.

(b)"Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government.

(c)"Governing body" means a council, commission, board, or other official body that has legislative powers over a local public entity.

(d)"Local public entity" means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state.

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DEPOSITORIES FOR PUBLIC MONEYS (EXCERPT) Act 40 of 1932 (1st Ex. Sess.) 129.16 Definitions. Sec. 6. As used in this act: (a) "Deposit" includes the purchase of or investment in shares of a credit union. (b) "Financial institution" means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government. (c) "Governing body" means a council, commission, board, or other official body that has legislative powers over a local public entity. (d) "Local public entity" means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state.