§ 639. Legal investment and deposit. The bonds, notes or other
obligations of the trust are hereby made securities in which all public
officers and bodies of the state and all public corporations,
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, conservators, 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 bonds, notes or other
obligations 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, notes or other obligations of the state is now or may
hereafter be authorized.