Section 50-26-11. Bonds as securities

   The bonds authorized by this chapter are securities in which:

   (1) All public officers and bodies of this state;

   (2) All local governments of this state;

   (3) All insurance companies and associations and other persons carrying on an insurance business;

   (4) All banks, bankers, trust companies, saving banks, and savings associations, including savings and loan associations, building and loan associations, investment companies, and other persons carrying on a banking business;

   (5) All administrators, guardians, executors, trustees, and other fiduciaries; and

   (6) All other persons whomsoever who are authorized to invest in bonds or other obligations of this state

may properly and legally invest funds, including capital in their control or belonging to them. Such bonds are also securities which may be deposited with and shall be received by all public officers and bodies of this state and local governments for any purpose for which deposit of the bonds or other obligations of this state is authorized.

Code 1981, § 50-26-11, enacted by Ga. L. 1991, p. 1653, § 1-2.