A society shall invest its funds only in such investments as are authorized by the laws of this State for the investment of assets of life insurance companies and subject to the limitations thereon. Any foreign or alien society permitted or seeking to do business in this State which invests its funds in accordance with the laws of the State, district, territory, country, or province in which it is incorporated, shall be held to meet the requirements of this section for the investment of funds. (1959, No. 197, § 33, eff. Nov. 22, 1959.)