Art. IX §20 | DEPOSIT OF STATE MONEY IN CERTAIN FINANCIAL INSTITUTIONS; REQUIREMENTS

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.

Congratulations! You're now booked up on Article IX Section 20 of the Michigan Constitution!

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Art. IX §20 | DEPOSIT OF STATE MONEY IN CERTAIN FINANCIAL INSTITUTIONS; REQUIREMENTS

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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.

Art. IX §20 | DEPOSIT OF STATE MONEY IN CERTAIN FINANCIAL INSTITUTIONS; REQUIREMENTS

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