Section 515. Bonds and notes as legal investments

The bonds and notes of a
  corporation 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,  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  in  other  obligations of the state, may properly and legally invest
  funds, including capital, in their control or belonging to them.