Sec. 19.
The state shall not subscribe to, nor be interested in the stock of any company, association or corporation, except as follows:
(a) Funds accumulated to provide retirement or pension benefits for public officials and employees may be invested as provided by law.
(b) Endowment funds created for charitable or educational purposes may be invested as provided by law governing the investment of funds held in trust by trustees.
(c) Funds held as permanent funds or endowment funds other than those described in subdivision (b) may be invested as provided by law.
Except as otherwise provided in this section, other state funds or money may be invested in accounts of a bank, savings and loan association, or credit union organized under the laws of this state or federal law, as provided by law.
History: Const. 1963, Art. IX, § 19, Eff. Jan. 1, 1964 ;-- Am. H.J.R. GG, approved Nov. 7, 1978, Eff. Dec. 23, 1978 ;-- Am. S.J.R. T, approved Aug. 6, 2002, Eff. Sept. 21, 2002 Former Constitution: See Const. 1908, Art. X, § 13.
Structure Michigan Compiled Laws
Chapter 1 - Constitution of The State of Michigan of 1963
CONSTITUTION OF MICHIGAN OF 1963 - State Constitution (Article I § 1 - § 0)
Article IX - Finance and Taxation (Article IX § 1...§ 42)
Article IX § 1 Taxes for State Expenses.
Article IX § 2 Power of Taxation, Relinquishment.
Article IX § 4 Exemption of Religious or Educational Nonprofit Organizations.
Article IX § 5 Assessment of Property of Public Service Businesses.
Article IX § 8 Sales and Use Taxes.
Article IX § 10 Sales Tax; Distribution to Local Governments.
Article IX § 11 State School Aid Fund; Source; Distribution; Guarantee to Local School District.
Article IX § 12 Evidence of State Indebtedness.
Article IX § 13 Public Bodies, Borrowing Power.
Article IX § 14 State Borrowing; Short Term.
Article IX § 15 Long Term Borrowing by State.
Article IX § 16 State Loans to School Districts.
Article IX § 17 Payments From State Treasury.
Article IX § 19 Subscription to or Interest in Stock by State Prohibited; Exceptions.
Article IX § 20 Deposit of State Money in Certain Financial Institutions; Requirements.
Article IX § 21 Accounting for Public Moneys.
Article IX § 22 Examination and Adjustment of Claims Against State.
Article IX § 23 Financial Records; Statement of Revenues and Expenditures.
Article IX § 24 Public Pension Plans and Retirement Systems, Obligation.
Article IX § 27 Exceeding Revenue Limit; Conditions.
Article IX § 28 Limitation on Expenses of State Government.
Article IX § 29 State Financing of Activities or Services Required of Local Government by State Law.
Article IX § 30 Reduction of State Spending Paid to Units of Local Government.
Article IX § 32 Suit to Enforce Sections 25 to 31.
Article IX § 33 Definitions Applicable to Sections 25 to 32.
Article IX § 34 Implementation of Sections 25 to 33.
Article IX § 35 Michigan Natural Resources Trust Fund.
Article IX § 35a Michigan State Parks Endowment Fund.
Article IX § 36 Tax on Tobacco Products; Dedication of Proceeds.
Article IX § 37 Michigan Veterans' Trust Fund.
Article IX § 38 Michigan Veterans' Trust Fund Board of Trustees; Establishment.
Article IX § 39 Michigan Veterans' Trust Fund Board of Trustees; Administration of Trust Fund.
Article IX § 40 Michigan Conservation and Recreation Legacy Fund.
Article IX § 41 Michigan Game and Fish Protection Trust Fund.
Article IX § 42 Michigan Nongame Fish and Wildlife Trust Fund.