(110 ILCS 525/11) (from Ch. 144, par. 681)
Sec. 11.
Bonds as
legal investments.
The State and all counties, cities, villages, incorporated towns and
other municipal corporations, political subdivisions and public bodies, and
public officers of any thereof, all banks, bankers, trust companies,
savings banks and institutions, building and loan associations, savings and
loan associations, investment companies and other persons carrying on a
banking business, all insurance companies, insurance associations and other
persons carrying on an insurance business, and all executors,
administrators, guardians, trustees and other fiduciaries may legally
invest any sinking funds, moneys or other funds belonging to them or within
their control in any bonds issued pursuant to this Act, it being the
purpose of this section to authorize the investment in such bonds of all
sinking, insurance, retirement, compensation, pension and trust funds,
whether owned or controlled by private or public persons or officers;
provided, however, that nothing contained in this section may be construed
as relieving any person, firm or corporation from any duty of exercising
reasonable care in selecting securities for purchase or investment.
(Source: Laws 1965, p. 2913.)
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