HOUSE BILL No. 4588


     April 9, 1997, Introduced by Reps. Mans, Parks, Hanley, Agee, Wojno, Hale, Stallworth, Bogardus, Rison, Kilpatrick, Schermesser and Kaza and referred to the Committee on Commerce.


        A bill to amend 1965 PA 114, entitled

   "An act relating to dry, edible beans; to create a bean commis-
   sion and prescribe its functions; to levy and collect assessments
   on bean production; and to provide penalties for violation of
   this act,"

   by amending section 7 (MCL 290.557).

               THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 1         Sec. 7.  (1)  All moneys  MONEY received by the commission,

 2    or any other state official, from the assessments under this act,

 3    shall be deposited in  such banks  A FINANCIAL INSTITUTION as the

 4    commission designates, and THE MONEY shall be disbursed ONLY by

 5    order of the commission.

 6         (2) The treasurer OF THE COMMISSION shall file with the com-

 7    mission a fidelity bond executed by a surety company  ,  autho-

 8    rized to do business in this state, in favor of the commission

 9    and the state, jointly and severally,  conditioned  for the



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 1    faithful performance of his OR HER duties and the strict

 2    accounting of all funds of the commission.  The amount of the

 3    bond shall be determined by the commission.

 4         (3) AS USED IN THIS SECTION, "FINANCIAL INSTITUTION" MEANS A

 5    STATE OR NATIONALLY CHARTERED BANK, SAVINGS AND LOAN ASSOCIATION,

 6    SAVINGS BANK, OR CREDIT UNION WHOSE DEPOSITS ARE INSURED BY AN

 7    AGENCY OF THE UNITED STATES GOVERNMENT AND WHICH MAINTAINS A

 8    PRINCIPAL OFFICE OR BRANCH OFFICE LOCATED IN MICHIGAN UNDER THE

 9    AUTHORITY OF THE LAWS OF MICHIGAN OR OF THE UNITED STATES.






































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