(605 ILCS 5/10-715) (from Ch. 121, par. 10-715)
Sec. 10-715.
The State and all counties, municipalities 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, including refunding bonds, issued pursuant to this Division of
this Article, 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. However, 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 1959, p. 196.)
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