§ 370. Notes and bonds legal investments for public officers and
fiduciaries. The notes and 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 saving associations, including
savings and loan associations, building and loan associations,
investment companies and other persons carrying on a banking business,
all 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 notes and bonds 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.