State Codes and Statutes
Statutes > Michigan > Chapter-21 > Act-181-of-1881 > Section-21-201INTEREST ON EDUCATIONAL FUNDS (EXCERPT)
Act 181 of 1881
21.201 Interest on educational funds; computation; payment.
Sec. 1.
That upon all sums paid into the state treasury upon account of the principal of any of the educational funds, except where the provision is or shall be made by law, the state treasurer shall compute interest from the time of the payment, or from the time of the last computation of interest on the payment, to the first Monday of April in each year, and shall give credit on the interest to each fund, as the case may be; and the interest shall be paid out of the specific taxes.
History: 1881, Act 181, Imd. Eff. May 31, 1881 ;-- How. 5361 ;-- CL 1897, 1195 ;-- CL 1915, 296 ;-- CL 1929, 356 ;-- CL 1948, 21.201 ;-- Am. 2002, Act 106, Imd. Eff. Mar. 27, 2002
