Michigan Compiled Laws Act 321 of 1909 - Deposit and Safeguarding of Public Moneys of Village (129.41 - 129.45) Section 129.42 - Security for Deposit Prohibited.
Sec. 2.
Security in the form of collateral, surety bonds, or another form shall not be taken for the deposit of the public funds.
History: Add. 1979, Act 77, Imd. Eff. Aug. 1, 1979