263A.9 - INVESTMENT IN BONDS OR NOTES BY FINANCIAL INSTITUTIONS.
263A.9 INVESTMENT IN BONDS OR NOTES BY FINANCIAL
INSTITUTIONS.
All banks, trust companies, bankers, savings banks and
institutions, building and loan associations, savings and loan
associations, investment companies, and other persons carrying on a
banking or investment business, all insurance companies, insurance
associations, and other persons carrying on an insurance business and
all executors, administrators, guardians, trustees, and other
fiduciaries may legally invest any sinking funds, moneys, or other
funds belonging to them or within their control in any bonds or notes
issued pursuant to this chapter; provided, however, that nothing
contained in this section may be construed as relieving any persons
from any duty of exercising reasonable care in selecting securities
for purchase or investment. Section History: Early Form
[C71, 73, 75, 77, 79, 81, § 263A.9]