§ 42-99-14 - Notes and bonds as legal investments.
SECTION 42-99-14
§ 42-99-14 Notes and bonds as legalinvestments. – The notes and bonds of the corporation shall be legal investments in which allpublic officers and public bodies of this state, its political subdivisions,all municipalities and municipal subdivisions, all insurance companies andassociations, and other persons carrying on an insurance business, all banks,bankers, banking institutions including savings and loan associations, buildingand loan associations, trust companies, savings banks and savings associations,investment companies and other persons carrying on a banking business, alladministrators, guardians, executors, trustees and other fiduciaries, and allother persons whatsoever who are now or may hereafter be authorized to investin bonds or in other obligations of the municipality or state, may properly andlegally invest funds, including capital, in their control or belonging to them.The notes and bonds are also made securities which may properly and legally bedeposited with and received by all public officers and bodies of the state orany agency or political subdivision of the state and all municipalities andpublic corporations for any purpose for which the deposit of bonds or otherobligations of the state or municipality is now or may hereafter be authorizedby law.