Sec. 10.
An order or warrant shall not be issued upon a participant's account in an amount greater than the total of the account to which that order or warrant applies. If an order or warrant for an amount greater than the total of the account to which the order or warrant applies is issued and the order or warrant is paid, the county treasurer shall be personally liable under his or her official bond for the overdraft resulting from the payment.
History: 1985, Act 121, Imd. Eff. July 31, 1985
Structure Michigan Compiled Laws
Act 121 of 1985 - Local Government Investment Pool Act (129.141 - 129.150)
Section 129.141 - Short Title.
Section 129.142 - Definitions.
Section 129.144 - Authorization by Resolution.
Section 129.146 - Standard of Judgment and Care.
Section 129.147 - Separate Accounts.
Section 129.148 - Safekeeping Depositories; Security.
Section 129.149 - Default; Powers of Treasurer.
Section 129.150 - Orders or Warrants; Limitation; Liability for Overdraft.