Section 490. Notes and bonds as legal investments

The notes and bonds of
  the fund 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  other  obligations  of  the  state,  may properly and legally invest
  funds, including capital, in their control or belonging to them.