Section 535. Bonds and notes legal investments for fiduciaries

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,  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. The bonds and
  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.