68-405. HOUSING BONDS LEGAL INVESTMENTS. Notwithstanding any re-
strictions on investments contained in any laws of this state all banks,
bankers, trust companies, savings banks and institutions, building and loan
associations, savings and loan associations, investment companies and other
persons carrying on a banking business, all insurance companies, insurance
associations and other persons carrying on an insurance business, and all
executors, administrators, guardians, trustees and other fiduciaries may
legally invest any sinking funds, moneys or other funds belonging to them or
within their control in any bonds or other obligations issued by a housing
authority pursuant to the Housing Authorities Law of this state, or issued
by any public housing authority or agency in the United States, when such
bonds or other obligations are secured by a pledge of annual contributions
to be paid by the United States government or any agency thereof; it being
the purpose of this act to authorize any private persons or corporations to
use any funds owned or controlled by them, including (but not limited to)
sinking, insurance, investment and trust funds, and funds held on deposit,
for the purchase of any such bonds or other obligations; provided, however,
that nothing contained in this act shall be construed as relieving any
person, firm or corporation from any duty of exercising reasonable care in
selecting securities.
[68-405, added 1939, ch. 232, sec. 1, p. 528.]