Section 1596-M. 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, and all other persons whatsoever, 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, such bonds shall not be eligible for
  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 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.