§31-18-17. Investment in notes and bonds.
The notes and bonds of the housing development fund are hereby
made securities in which all insurance companies and associations,
and other persons carrying on an insurance business, all banks,
bankers, trust companies, building and loan associations, savings
and loan associations, investment companies and other persons
carrying on a banking business, and other persons, except
administrators, guardians, executors, trustees and fiduciaries, who
are now or who may hereafter be authorized to invest in bonds or
other obligations of the state, may properly and legally invest
funds including capital in their control or belonging to them.