§ 662. Notes and bonds as legal investments. The notes and bonds of
the corporation 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 in 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
the state and all municipalities and public corporations for any purpose
for which the deposit of bonds or other obligations of the state is now
or may hereafter be authorized.