Administrators, executors, guardians, trustees, and other fiduciaries of every kind and nature; insurance companies; charitable, educational, eleemosynary, and public corporations and organizations; municipalities and other public corporations and bodies; and public officials are authorized to invest funds held by them, without any order of any court, in deposits in savings and loan associations which are insured under a federal deposit insurance program; and, to the extent of such insurance, such investments shall be deemed and held to be legal investments for such funds.
(Ga. L. 1937-38, Ex. Sess., p. 322, § 1; Ga. L. 1951, p. 756, § 1; Ga. L. 1952, p. 305, § 2; Ga. L. 1964, p. 194, § 1; Code 1933, § 41A-3525, enacted by Ga. L. 1974, p. 705, § 1; Ga. L. 1980, p. 972, § 8; Ga. L. 1993, p. 917, § 7; Ga. L. 2016, p. 390, § 7-4/HB 811.)
Code Commission notes.- Pursuant to Code Section 28-9-5, in 2016, "associations or" was deleted preceding "savings and loan associations" in the middle of this Code section.
OPINIONS OF THE ATTORNEY GENERAL
Editor's notes.
- In light of the similarity of the statutory provisions, opinions under former Code 1933, § 16-437 are included in the annotations for this Code section.
Former Code Section53-13-54 (see now O.C.G.A. § 53-12-280) provides legal investments which can be made by trustees. 1971 Op. Att'y Gen. No. 71-20 (decided under former Code 1933, § 16-437).