N.Y. PBA Law § 1557

* § 1557. Bonds legal investments for public officers. The bonds are\nhereby made securities in which all public officers and bodies of this\nstate and all municipalities and municipal subdivisions, all insurance\ncompanies and associations and other persons carrying on an insurance\nbusiness, all banks, bankers, trust companies, savings banks and savings\nassociations, including savings and loan associations, building and loan\nassociations, investment companies and other persons carrying on a\nbanking business, and all other persons whatsoever except as hereinafter\nprovided, who are now or may hereafter be authorized to invest in bonds\nor other obligations of the state, may properly and legally invest funds\nincluding capital in their control or belonging to them, provided that,\nnotwithstanding the provisions of any other general or special law to\nthe contrary, such bonds shall not be eligible for the investment of\nfunds, including capital, of trusts, estates or guardianships under the\ncontrol of individual administrators, guardians, executors, trustees and\nother individual fiduciaries. The bonds are also hereby made securities\nwhich may be deposited with and shall be received by all public officers\nand bodies of this state and municipalities and municipal subdivisions\nfor any purpose for which the deposit of bonds or other obligations of\nthis state is now or may hereafter be authorized.\n * NB Dissolved December 1977\n * NB There are 2 § 1557's\n