§ 1162. Bonds and notes legal investments for fiduciaries. The bonds,
or 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 other obligations of the state, may properly and
legally invest funds including capital in their control or belonging to
them; provided that, notwithstanding the provisions of any other general
or special law to the contrary, such bonds or notes shall not be
eligible for the investment of funds including capital, of trusts,
estates or guardianships under the control of individual administrators,
guardians, executors, trustees and other individual fiduciaries. The
bonds or notes are also hereby made securities which may be deposited
with and may 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.