§ 620. Bonds and notes as legal investments. The bonds and notes 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.