Section 1425-M. Bonds 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 person  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.