12-2810.   Investment in bonds or certificates by certain public andprivate bodies.The state and all counties, cities, villages, incorporated towns andother municipal corporations, political subdivisions and public bodies, andpublic officers of any thereof, all banks, bankers, trust companies,savings banks and institutions, building and loan associations, savings andloan associations, investment companies and other persons carrying on abanking business, all insurance companies, insurance associations and otherpersons carrying on an insurance business, may invest any sinking funds,moneys or other funds belonging to them or within their control in anybonds or certificates issued pursuant to this act, it being the purpose ofthis section to authorize the investment in such bonds or certificates ofall sinking, insurance, retirement, compensation, pension and [other funds]whether ownedor controlled by private or public persons or officers: Provided,however, That nothing contained in this section may be construed asrelieving any person, firm, or corporation from any duty of exercisingreasonable care in selecting securities for purchase or investment.

      History:   L. 1955, ch. 118, § 10; April 13.