§ 1295. Notes and bonds as legal investment. The notes and bonds of
the corporation are hereby made securities in which all public officers
and bodies of the state and all municipalities and political
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 who 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. Notwithstanding any other provisions of law, the bonds of the
corporation 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 political subdivisions for any purpose for
which the deposit of bonds or other obligations of the state is now or
may hereafter be authorized.