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Code · Michigan · Chapter 129 — Public Funds

129.16 Definitions.

141 words·~1 min read·/mi/chapter-129/129-16

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129.16 Definitions.
Sec. 6.
As used in this act:
(a)"Deposit" includes the purchase of or investment in shares of a credit union.
(b)"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.
(c)"Governing body" means a council, commission, board, or other official body that has legislative powers over a local public entity.
(d)"Local public entity" means a county, city, village, township, school district, district, authority, municipal corporation, or any other political subdivision organized under the laws of this state.
History: Add. 1997, Act 31 , Imd. Eff. June 19, 1997 ;-- Add. 1997, Act 33 , Imd. Eff. June 19, 1997 ;-- Am. 2018, Act 462 , Eff. Mar. 29, 2019
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