Section 565. Bonds legal investments for 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 saving
  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 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.