The bonds of the drainage district issued pursuant to this part which are investigated and approved by any commission or officer authorized by any law of this state to conduct the investigation and give the approval and by authority of which approval the bonds are declared to be legal investments for savings banks, may be lawfully purchased or received in pledge for loans by any of the following who hold funds which they are permitted by law to invest or loan:
(a) Banks.
(b) Trust companies.
(c) Insurance companies.
(d) Guardians and conservators.
(e) Executors.
(f) Administrators and special administrators.
(g) Any public officer or officers of this state or of any county, city, or city and county, or other municipality or corporate body within this state.
(Amended by Stats. 1979, Ch. 730.)