32:2-24 - Freight and steamship bonds as legal investments
32:2-24.Ā Freight and steamship bonds as legal investments
The obligations which may be issued by the port authority to raise moneys for the establishment of terminal freight stations determined by it to be in effectuation of the comprehensive plan for the development of the port of New York and for purposes incidental thereto, including the acquisition of land andĀ equipment and the construction of buildings and the obligations which may beĀ issued by it to raise moneys for the establishment or acquisition of steamshipĀ terminals as defined in section 32:2-17 of this title and for purposesĀ incidental thereto, including the acquisition of land and equipment and theĀ construction of improvements, are hereby made securities in which all state andĀ municipal officers and bodies, all banks, bankers, trust companies, savingsĀ banks, savings associations, building and loan associations, investmentĀ companies and other persons carrying on a banking business, all insuranceĀ companies, insurance associations and other persons carrying on an insuranceĀ business, and all administrators, executors, guardians, trustees and otherĀ fiduciaries and all other persons whatsoever who are or may be authorized toĀ invest in bonds or other obligations of the state, may properly and legallyĀ invest any funds, including capital, belonging to them or within their control. Said obligations may properly and legally be deposited with and shall be received by any state or municipal officer or agency for any purpose for whichĀ the deposit of bonds or other obligations of this state is or may be authorized.
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The obligations which may be issued by the port authority to raise moneys for the establishment of terminal freight stations determined by it to be in effectuation of the comprehensive plan for the development of the port of New York and for purposes incidental thereto, including the acquisition of land andĀ equipment and the construction of buildings and the obligations which may beĀ issued by it to raise moneys for the establishment or acquisition of steamshipĀ terminals as defined in section 32:2-17 of this title and for purposesĀ incidental thereto, including the acquisition of land and equipment and theĀ construction of improvements, are hereby made securities in which all state andĀ municipal officers and bodies, all banks, bankers, trust companies, savingsĀ banks, savings associations, building and loan associations, investmentĀ companies and other persons carrying on a banking business, all insuranceĀ companies, insurance associations and other persons carrying on an insuranceĀ business, and all administrators, executors, guardians, trustees and otherĀ fiduciaries and all other persons whatsoever who are or may be authorized toĀ invest in bonds or other obligations of the state, may properly and legallyĀ invest any funds, including capital, belonging to them or within their control. Said obligations may properly and legally be deposited with and shall be received by any state or municipal officer or agency for any purpose for whichĀ the deposit of bonds or other obligations of this state is or may be authorized.
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