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 village general fund. Sec. 1. (1) The legislative body of an incorporated village of this state may provide for the depositing and safeguarding […]
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
129.43 Limitation on deposit of additional public funds. Sec. 3. Notwithstanding section 1(1), additional public funds of an incorporated village shall not be deposited in a financial institution which is not eligible to be a depository of surplus funds belonging to this state under section 6 of 1855 PA 105, MCL 21.146. History: Add. 1979, […]
129.44 “Deposit” defined. Sec. 4. As used in this act, “deposit” includes the purchase of, or investment in, shares of a credit union. History: Add. 1979, Act 77, Imd. Eff. Aug. 1, 1979
129.45 “Financial institution” defined. Sec. 5. As used in this act, “financial institution” means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and which maintains a principal office or branch […]
