§ 1493-m. Bonds legal investments for public officers. The bonds 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 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 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.