Mich. Const. art. IX, § 19

Subscriptiontoorinterestinstockbystateprohibited;exceptions. Sec. 19. The state shall not subscribe to, nor be interested in the stock of any company, associationorcorporation,exceptasfollows: (a) Funds accumulated to provide retirement or pension benefits for public officials and employeesmaybeinvestedasprovidedbylaw. (b) Endowment funds created for charitable or educational purposes may be invested as providedbylawgoverningtheinvestmentoffundsheldintrustbytrustees. (c) Funds held as permanent funds or endowment funds other than those described in subdivision(b)maybeinvestedasprovidedbylaw. Exceptasotherwiseprovidedinthissection,otherstatefundsormoneymaybeinvestedin accounts of a bank, savings and loan association, or credit union organized under the laws of thisstateorfederallaw,asprovidedbylaw. History: Const.1963,Art.IX,§19,Eff.Jan.1,1964;—Am.H.J.R.GG,approvedNov.7,1978,Eff.Dec.23,1978;—Am.S.J.R.T, approvedAug.6,2002,Eff.Sept.21,2002. FormerConstitution: SeeConst.1908,Art.X,§13. Art.IX,§20 CONSTITUTION OF MICHIGAN OF 1963 44