Sec. 3. Notwithstanding section 1(1), additional public funds of an incorporated village shall not be deposited in a financial institution which is not eligible to be a depository of surplus funds belonging to this state under section 6 of 1855 PA 105, MCL 21.146.
Mich. Comp. Laws § 129.43
Limitation on deposit of additional public funds
Applied in 1 court decision — leading case Regents of University v. State (1988)
Most recently applied in Regents of University v. State (February 1988)
Add. 1979, Act 77, Imd
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.