§206-33  Development project bonds as legalinvestments.  The State and all of its public officers, municipalcorporations, political subdivisions, and public bodies, all banks, bankers,trust companies, savings banks and institutions, including savings and loanassociations, all investment companies, insurance companies, insuranceassociations, and other persons carrying on an insurance business in the State,and all personal representatives, guardians, trustees, and other fiduciaries inthe State may legally invest moneys or funds belonging to them or within theircontrol and available for investment under other provisions of law, in anybonds or other obligations issued by the board of land and natural resources,and the bonds and other obligations of the board or agency shall be authorizedsecurity for all public deposits and shall be fully negotiable in the State. It is the purpose of this section to authorize any of the foregoing to use anyfunds owned or controlled by them, including (but not limited to) sinking,insurance, investment, retirement, compensation, pension, and trust funds andfunds held on deposit, for the purchase of any bonds or other obligations;provided that nothing contained in this section shall operate to relieve anyperson, firm, or corporation from liability for failure to exercise reasonablecare in selecting investments or, in the case of a guardian or trustee, fromliability for failure to exercise the judgment and care to observe the dutiesrequired of a guardian or trustee by article 8 of chapter 412 and section554-6. [L 1961, c 6, §31; Supp, §98J-31; HRS §206-33; am L 1976, c 200, pt of§1; am L 1993, c 350, §7]