Section 1420-N. 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 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.