Section 1394. Bonds legal investments  


Latest version.
  • The bonds of the authority are hereby
      made  securities in which all public officers and bodies of the state of
      New York and all municipalities and municipal subdivisions thereof,  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,
      except  as  hereinafter  provided,  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, provided that, notwithstanding the  provisions  of
      any other general or special law to the contrary, the bonds shall not be
      eligible  for  the  investment  of  funds, including capital, of trusts,
      estates or guardianships under the control of individual administrators,
      guardians, executors, trustees and  other  individual  fiduciaries.  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  of  New
      York  and  all municipalities and municipal subdivisions thereof for any
      purpose for which the deposit of bonds or other obligations of the state
      is now, or may hereafter be, authorized.