Section 3612. Bonds; legal investment for fiduciaries

The bonds of the
  corporation are hereby made securities in which all public officers  and
  bodies  of the state and all municipalities, 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,
  and 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. The bonds 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  for  any  purposes  for  which  the
  deposit  of bonds or other obligations of this state is now or hereafter
  may be authorized.