Section 1598-L. Bonds of legal investments for public officers

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 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 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.