Section 3637. Bonds; legal investments 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  savings
  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.