Mich. Const. art. IX, § 20

Depositofstatemoneyincertainfinancialinstitutions;requirements. Sec.20.Nostatemoneyshallbedepositedinbanks,savingsandloanassociations,orcredit 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 showtheamountofstatemoneysodepositedasaseparateiteminallpublishedstatements. History: Const.1963,Art.IX,§20,Eff.Jan.1,1964;—Am.H.J.R.GG,approvedNov.7,1978,Eff.Dec.23,1978. FormerConstitution: SeeConst.1908,Art.X,§15.