Section 160. Bonds legal investments for public officers and fiduciaries

The bonds 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 institutions, including savings and loan associations,
  building and loan associations, investment companies and  other  persons
  carrying  on  a  banking business, 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  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.
    * NB (Authority abolished June 30, 1978)