Article IX
Sec. 19: 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.
Sec. 20: No state money shall be deposited in banks, savings and loans associations, or credit unions, other than those organized under the
national or state banking lawslaw of this state or federal law. No state money shall be deposited in any bank, savings and loan association, or credit union, in excess of 50 percent of thecapital and surplus of suchnet worth of the bank, savings and loan association, or credit union. Any bank, savings and loan association, or credit union, receiving deposits of state money shall show the amount of state money so deposited as a separate item in all published statements.
