§ 10-119. Bonds -- Legal investments

   Bonds are securities:

   (1) in which any of the following persons may legally and properly invest money, including capital that the person owns or controls:

      (i) an officer of a governmental unit;

      (ii) a bank, trust company, savings and loan association, investment company, or other person operating a banking business;

      (iii) an insurance association or other person operating an insurance business;

      (iv) a personal representative, guardian, trustee, or other fiduciary; and

      (v) any other person; and

   (2) that may be deposited with and received by a governmental unit or any officer of the State or a governmental unit for any purpose for which the deposit of bonds or other obligations of the State is authorized by law.

HISTORY: An. Code 1957, art. 83A, § 5-209; 2008, ch. 306, § 2.