WVC 17 - 17 A- 7
§17-17A-7. Legality for investment; tax exemption.
The notes 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.
The notes and the income therefrom shall at all times be
exempt from taxation, except for death and gift taxes, taxes on
transfers, sales taxes, real property taxes and business and