No state money shall be deposited in banks, savings and loan associations, or credit
unions, other than those organized under the law of this state or federal law. No state money
shall be deposited in any bank, savings and loan association, or credit union, in excess of
50 percent of the net worth of the bank, savings and loan association, or credit union. Any
bank, savings and loan association, or credit union, receiving deposits of state money shall
show the amount of state money so deposited as a separate item in all published statements.
Structure Michigan constitution