§ 10-325

Bonds are securities:

(1) in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:

(i) an officer or unit of the State or a political subdivision;

(ii) a bank, trust company, savings and loan association, investment company, or other person conducting a banking business;

(iii) an insurance company, insurance association, or other person conducting an insurance business;

(iv) a personal representative, guardian, trustee, or other fiduciary; and

(v) any other person; and

(2) that may be deposited with and received by a unit of the State or a political subdivision for any purpose for which the deposit of bonds or obligations of the State is authorized by law.