Section 1600-MM. Bonds and notes legal investments for public officers and fiduciaries

The bonds and notes are hereby made securities in which all  public officers, and bodies of the  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 and notes 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.