Section 309. Bonds to be legal investments.
Bonds issued pursuant to this act are hereby made securities in which all government agencies, all insurance companies, trust companies, banking associations, banking corporations, savings banks, investment companies, executors, the trustees of any retirement, pension or annuity fund or system of the Commonwealth or of a city, trustees and other fiduciaries may properly and legally invest funds, including capital, deposits or other funds in their control or belonging to them. Such bonds are hereby made securities which may properly and legally be deposited with and received by any government agency for any purpose for which the deposit of bonds or other obligations of the Commonwealth now or may hereafter be authorized by law.