§ 10-325. Legal investments

Latest version.

   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 or unit of the State or a political subdivision;

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

      (iii) an insurance company, insurance association, or other person conducting 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 unit of the State or a political subdivision for any purpose for which the deposit of bonds or obligations of the State is authorized by law.

HISTORY: An. Code 1957, art. 43C, § 19; 2008, ch. 306, § 2.

                    
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