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    • Legislation USA
    • Michigan Compiled Laws
    • Chapter 129 - Public Funds
    • Act 321 of 1909 - Deposit and Safeguarding of Public Moneys of Village (129.41 - 129.45)
    • Section 129.42 - Security for Deposit Prohibited.

    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

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    Structure Michigan Compiled Laws

    Michigan Compiled Laws

    Chapter 129 - Public Funds

    Act 321 of 1909 - Deposit and Safeguarding of Public Moneys of Village (129.41 - 129.45)

    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...

    Section 129.42 - Security for Deposit Prohibited.

    Section 129.43 - Limitation on Deposit of Additional Public Funds.

    Section 129.44 - “Deposit” Defined.

    Section 129.45 - “Financial Institution” Defined.

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