2006 Michigan Compiled Laws - Act 23 of 1934 (1st Ex. Sess.)


INVESTMENT IN BONDS OF HOME OWNERS' LOAN CORPORATION AND OF FEDERAL HOME LOAN BANKS

Act 23 of 1934 (1st Ex. Sess.)

AN ACT authorizing the investment in bonds of the home owners' loan corporation and bonds of federal home loan banks by the state and all its departments and political subdivisions, including municipal corporations, and instrumentalities, and by any insurance company, building and loan association or company, savings and loan association or company, bank, trust company or other financial institution, and by any executor, administrator, guardian, trustee or fiduciary; authorizing the use of such bonds as security by any depository of funds; and authorizing certain deposits with the state treasurer to be in such bonds.


History: 1934, 1st Ex. Sess., Act 23, Imd. Eff. Mar. 28, 1934




The People of the State of Michigan enact:

DocumentDescription
Section 129.81Investment in bonds of home owners' loan corporation, federal home loan bank, or financial institution; secured deposits; limitation on acceptable assets; "financial institution" defined.
Section 129.82Public funds; deposit as security.
Section 129.83Construction of act.

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