§ 664. 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 notes and 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 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 notes
and bonds or other obligations of this state is now or may hereafter be
authorized.