New York Laws
Title 2 - General Provisions Relating to Municipal Assistance Corporations
3018 - Notes and Bonds as Legal Investments.

§ 3018. Notes and bonds as legal investments. The notes and bonds of a
corporation are hereby made securities in which all public officers and
bodies of this state and all political subdivisions of the state and
other persons carrying on an insurance business, all banks, bankers,
trust companies, savings banks and savings associations, including
savings and loan associations, building and loan associations,
investment companies and other persons carrying on a banking business,
all administrators, guardians, executors, trustees and other
fiduciaries, and all other persons whatsoever who are now or may
hereafter be authorized to invest in bonds or in other obligations of
the state, may properly and legally invest funds, including capital, in
their control or belonging to them. Such notes and bonds are also hereby
made securities which may be deposited with and may be received by all
public officers and bodies of the state and all political subdivisions
of the state and public corporations for any purpose for which the
deposit of bonds or other obligations of the state is now or may
hereafter be authorized.