Federal and State Laws
Michigan Compiled Laws Act 321 Of 1909 Deposit And Safeguarding Of Public Moneys Of Village (129.41 - 129.45)
AN ACT to provide for the depositing and safeguarding of public moneys belonging to villages within the state of Michigan.
1909, Act 321, Eff. Sept. 1, 1909
Section 129.41 Public Funds Of Incorporated Village; Deposit; Secured Deposits; Limitation On Acceptable Assets; Warrants And Orders; Profits; Liability For Loss; Ordinance Or Resolution; Conduct And Inspection Of Proceedings; Accrual Of Profits To Village General Fund.
(1) The legislative body of an incorporated village of this state may provide for the depositing and safeguarding of public funds in the manner...
Section 129.42 Security For Deposit Prohibited.
Security in the form of collateral, surety bonds, or another form shall not be taken for the deposit of the public funds. History: Add....
Section 129.43 Limitation On Deposit Of Additional Public Funds.
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...
Section 129.44 “deposit” Defined.
As used in this act, “deposit” includes the purchase of, or investment in, shares of a credit union. History: Add. 1979, Act 77, Imd....
Section 129.45 “financial Institution” Defined.
As used in this act, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association,...
Last modified: October 10, 2016