(70 ILCS 3615/4.07) (from Ch. 111 2/3, par. 704.07)
Sec. 4.07.
Bonds, Notes and Certificates to be Legal Investments.
The State, all units of local government, all public officers, 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, 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, monies or other funds belonging to them
or within their control in any bonds, notes or equipment trust certificates
issued pursuant to this Act, it being the purpose of this Section to
authorize the investment in such bonds, notes 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: P.A. 78-3rd S.S.-5.)
|