Michigan § 129.114 - Contract between financial institution and local unit; required provisions.
Full text of Michigan Michigan Compiled Laws § 129.114 — Contract between financial institution and local unit; required provisions., with citation guidance and answers to common questions.
§ 129.114. Contract between financial institution and local unit; required provisions.
Before surplus funds are placed in an investment pool, the financial institution and the local unit shall enter into a written contract which shall include, at a minimum, the following provisions:
The minimum amount of money which may be deposited in the investment pool.
The procedure for the deposit and withdrawal of the money.
The amount of the fee for managing the investment pool, if a management fee is to be charged of the participant by the financial institution.
The terms for distribution of earnings in excess of any management fee, and for the allocation of losses, to participants, in a manner which equitably reflects the differing amounts of their respective investments and the differing periods of time for which such amounts were in custody of the investment pool.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 129.114
What does Michigan Compiled Laws § 129.114 cover?
Section 129.114 ("Contract between financial institution and local unit; required provisions.") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 129.114?
A common citation format is "Michigan Compiled Laws § 129.114" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 129.114 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.