Section 2040-M. Bonds and notes as legal investments

The bonds, or notes,
  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, trusts, estates,
  or  guardianships  under  the  control  of  individual   administrators,
  guardians,  executors,  trustees  and  other individual fiduciaries, and
  other persons carrying on a banking  business,  and  all  other  persons
  whatsoever,  who  are  now  or  may hereafter be authorized to invest in
  bonds or notes or other obligations  of  the  state,  may  properly  and
  legally  invest funds including capital in their control or belonging to
  them. The bonds or notes are also hereby made securities  which  may  be
  deposited  with and may 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 notes or other obligations of
  this state is now or may hereafter be authorized.