§ 872. Bonds and notes as legal investment. The bonds and notes are
hereby made securities in which all public officers and bodies of this
state and all municipalities and municipal subdivisions, all insurance
companies and associations and other persons carrying on an insurance
business, all banks, bankers, trust companies, savings banks and savings
associations, including savings and loan associations, building and loan
associations, investment companies and other persons carrying on a
banking business, and all other persons whatsoever except as hereinafter
provided, who are now or may hereafter be authorized to invest in bonds
or notes or other obligations of the state, may properly and legally
invest funds including capital in their control or belonging to them.
The bonds or notes are also hereby made securities which may be
deposited with and shall be received by all public officers and bodies
of this state and all municipalities and municipal subdivisions for any
purpose for which the deposit of bonds or other obligations of this
state is now or may hereafter be authorized.