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