§ 42-55-20 - Notes and bonds as legal investments. - Rhode Island Statutes

SECTION 42-55-20

   § 42-55-20  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 who are now or may hereafter be authorized to invest in bonds orin other obligations of the state, may properly and legally invest funds,including capital, in their control or belonging to them. The notes and bondsare also made securities which may properly and legally be deposited with andreceived by all public officers and bodies of the state or any agency orpolitical subdivision of the state and all municipalities and publiccorporations for any purpose for which the deposit of bonds or otherobligations of the state is now or may hereafter be authorized by law.