(70 ILCS 1505/26.10) (from Ch. 105, par. 333.23u)
Sec. 26.10.
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, including refunding bonds, issued
pursuant to this law, 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 purpose of investment.
(Source: Laws 1959, p. 2014.)
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