Section 872. Bonds and notes as legal investment

The bonds and notes 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, and all other persons whatsoever except as hereinafter
  provided, who are now or may hereafter be authorized to invest in  bonds
  or  notes  or  other  obligations of the state, may properly and legally
  invest funds including capital in their control or  belonging  to  them.
  The  bonds  or  notes  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 bonds  or  other  obligations  of  this
  state is now or may hereafter be authorized.