Section 662. Notes and bonds as legal investments

The notes and bonds of
  the 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.
  The notes and bonds  are  also  hereby  made  securities  which  may  be
  deposited  with and may be received by all public officers and bodies of
  the state and all municipalities and public corporations for any purpose
  for which the deposit of bonds or other obligations of the state is  now
  or may hereafter be authorized.