(70 ILCS 3605/14) (from Ch. 111 2/3, par. 314)
Sec. 14.
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, saving 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 or
certificates issued pursuant to this Act, it being the purpose of this
section to authorize the investment in such bonds or certificates 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 1945, p. 1171.)
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