New York Unconsolidated|SECTION 11

                                                

  § 11. Bonds as legal investments. The bonds of the corporation are
hereby made securities in which all public officers and bodies of this
state and all municipalities and political subdivisions, all insurance
companies and associations and other persons carrying on an insurance
business, all banks, bankers, trust companies, savings banks and savings
associations, including savings and loan associations, building and loan
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 state, may properly and legally invest funds, including capital, in
their control or belonging to them. The bonds are also hereby made
securities which may be deposited with and may be received by all public
officers and bodies of the state and all municipalities, political
subdivisions and public corporations for any purpose for which the
deposit of bonds or other obligations of the state is now or may
hereafter be authorized.