corporations, etc. - Investment of public funds. (a) It shall be lawful for banks, savings banks, trust companies, life insurance companies, fire insurance companies, mutual casualty insurance companies, and other insurance companies and investment companies, building and loan associations, trustees, guardians, executors, administrators, and other fiduciaries, the State of Oklahoma and cities, villages, school districts, and other political subdivisions and all other corporations, associations and persons, subject to the laws of this state, to invest their funds and the moneys in their custody or possession, eligible for investment, in notes or bonds secured by mortgage or trust deed insured by the Federal Housing Administrator and debentures issued by the Federal Housing Administrator, and in obligations of national mortgage associations, and (b) Wherever, by statute of this state, collateral is required as security for the deposit of public or other funds; or deposits are required to be made with any public official or department; or an investment of capital or surplus, or a reserve or other fund, is required to be maintained, consisting of designated securities, notes and bonds insured and debentures issued by the Federal Housing Administrator and obligations of national mortgage associations, shall be eligible for such purposes.
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