§ 535. Bonds and notes legal investments for fiduciaries. 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, 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 bonds and
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.