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Michigan Constitution of 1963 / Article IX: Finance and Taxation
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Article IX § 19

Subscription to or interest in stock by state prohibited; exceptions.

Const 1850, art 14, § 8->Const 1908, art 10, § 13 Const 1908, art 10, § 13->Const 1963, art 9, § 19 Const 1963, art 9, § 19->Const 1963, art 9, § 19 – Nov. 1978 amendment Const 1963, art 9, § 19 – Nov. 1978 amendment->Const 1963, art 9, § 19 – Aug. 2002 amendment Const 1850, art 14, § 8 Const 1850, art 14, § 8 State not to own stock. Const 1908, art 10, § 13 Const 1908, art 10, § 13 Stock, interest of state in. Const 1963, art 9, § 19 Const 1963, art 9, § 19 Stock of corporation, interest of state. Const 1963, art 9, § 19 – Nov. 1978 amendment Nov. 1978 amendment Subscription to or interest in stock by state prohibited; exceptions. Const 1963, art 9, § 19 – Aug. 2002 amendment Aug. 2002 amendment Subscription to or interest in stock by state prohibited; exceptions.

Constitutional Convention Material

Article IX § 19 at the Michigan Legislature Website

History

Constitution of 1963

August 6, 2002; Proposal 02-2; Senate Joint Resolution T of 2001

Const 1963, art 9, § 19; Approved 925,475 to 565,971 (62%); Effective September 21, 2002

The state shall not subscribe to, nor be interested in the stock of any company, association or corporation, except as follows:

(a) Funds accumulated to provide retirement or pension benefits for public officials and employees may be invested as provided by law.

(b) Endowment funds created for charitable or educational purposes may be invested as provided by law governing the investment of funds held in trust by trustees.

(c) Funds held as permanent funds or endowment funds other than those described in subdivision (b) may be invested as provided by law.

Except as otherwise provided in this section, other state funds or money may be invested in accounts of a bank, savings and loan association, or credit union organized under the laws of this state or federal law, as provided by law.

Proposal 02-2 also amends art 9, §§ 35, 35a, & 37

The state shall not subscribe to, nor be interested in the stock of any company, association or corporation, except that as follows:

(a) Funds accumulated to provide retirement or pension benefits for public officials and employees may be invested as provided by law; and.

(b) Endowment funds created for charitable or educational purposes may be invested as provided by law governing the investment of funds held in trust by trustees and .

(c) Funds held as permanent funds or endowment funds other than those described in subdivision (b) may be invested as provided by law.

Except as otherwise provided in this section, other state funds or money may be invested in accounts of a bank, savings and loan association, or credit union organized under the laws of this state or federal law, as provided by law.

Proposal 02-2 also amends art 9, §§ 35, 35a, & 37

November 7, 1978; Proposal C; House Joint Resolution GG of 1978

Const 1963, art 9, § 19; Approved 1,819,847 to 933,101 (66%); Effective December 23, 1978

The state shall not subscribe to, nor be interested in the stock of any company, association or corporation, except that funds accumulated to provide retirement or pension benefits for public officials and employees may be invested as provided by law; and endowment funds created for charitable or educational purposes may be invested as provided by law governing the investment of funds held in trust by trustees and other state funds or money may be invested in accounts of a bank, savings and loan association, or credit union organized under the laws of this state or federal law, as provided by law.

Proposal C also amends art 9, § 20

The state shall not subscribe to, nor be interested in the stock of any company, association or corporation, except that funds accumulated to provide retirement or pension benefits for public officials and employees may be invested as provided by law; and endowment funds created for charitable or educational purposes may be invested as provided by law governing the investment of funds held in trust by trustees and other state funds or money may be invested in accounts of a bank, savings and loan association, or credit union organized under the laws of this state or federal law, as provided by law.

Proposal C also amends art 9, § 20

April 1, 1963; Constitutional Convention of 1961-1962

Const 1963, art 9, § 19; Approved 810,860 to 803,436 (50%); Effective January 1, 1964

The state shall not subscribe to, nor be interested in the stock of any company, association or corporation, except that funds accumulated to provide retirement or pension benefits for public officials and employees may be invested as provided by law; and endowment funds created for charitable or educational purposes may be invested as provided by law governing the investment of funds held in trust by trustees.

The state shall not subscribe to, nor be interested in the stock of any company, association or corporation, except that funds accumulated to provide retirement or pension benefits for public officials and employees may be invested as provided by law; and endowment funds created for charitable or educational purposes may be invested as provided by law governing the investment of funds held in trust by trustees.

Constitution of 1908

November 3, 1908; Constitutional Convention of 1907-1908

Const 1908, art 10, § 13; Approved 244,705 to 130,873 (65%); Effective January 1, 1909

The state shall not subscribe to, nor be interested in the stock of any company, association or corporation.

The state shall not subscribe to, or nor be interested in, the stock of any company, association or corporation.

Constitution of 1850

November 3, 1874; Constitutional Convention of 1873

Const 1874, art 14, § 9; Rejected 39,285 to 124,034 (24%)

The State shall not aid, by gift, or pledge of its credit, any person or corporation, nor shall it subscribe to, or become interested in, the stock of any corporation, nor assume any indebtedness of a municipal or [other] corporation. The provisions of this section shall not apply to educational, charitable, reformatory, or penal institutions which are or may be under the care and control of the State.

See also: Const 1963, art 9, § 18

The credit of the State shall not be granted to, or in aid of any person, association or corporation.

The state shall not subscribe to, or be interested in, the stock of any company, association or corporation.

The State shall not aid, by gift, or pledge of its credit, any person or corporation, nor shall it subscribe to, or become interested in, the stock of any corporation, nor assume any indebtedness of a municipal or [other] corporation. The provisions of this section shall not apply to educational, charitable, reformatory, or penal institutions which are or may be under the care and control of the State.

See also: Const 1963, art 9, § 18

April 6, 1868; Constitutional Convention of 1867

Const 1868, art 11, § 10; Rejected 71,733 to 110,582 (39%)

The State shall not subscribe to, or be interested in the stock of any company, association or corporation.

The State shall not subscribe to, or be interested in, the stock of any company, association or corporation.

November 5, 1850; Constitutional Convention of 1850

Const 1850, art 14, § 8; Approved 36,169 to 9,433 (79%); Effective January 1, 1851

The state shall not subscribe to, or be interested in, the stock of any company, association or corporation.

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