§ 3312. Bonds; legal investment for fiduciaries. The bonds of the
corporation are hereby made securities in which all public officers and
bodies of the state and all municipalities, all insurance companies and
associations and other persons carrying on an insurance business, all
banks, bankers, trust companies, savings banks and saving associations,
including savings and loan associations, building and loan associations,
investment companies and other persons carrying on a banking business,
and administrators, guardians, executors, trustees and other fiduciaries
and all other persons whatsoever, 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. The bonds are also hereby made securities which may
be deposited with and may be received by all public officers and bodies
of the state and all municipalities for any purposes for which the
deposit of bonds or other obligations of this state is now or hereafter
may be authorized.