ments of O.C.G.A. § 33-11-20. 1982 Op. Att’y Gen. No. U82-4.
Restrictions as to investing in notes apply to Teachers Retirement System. — The Teachers Retirement System of Georgia may invest in secured and unsecured notes subject to the same restrictions and safeguards that are applicable to investments of domestic life insurance companies. 1962 Op. Att’y Gen. p. 370.
An insurer may invest in nonassessable dividend-paying stocks, common or preferred, of any solvent corporation other than a corporation engaged solely in the business of operating real estate or a corporation having substantially all of its assets invested in the shares of such corporation, created or existing under the laws of the United States of America or of any state or of the District of Columbia, provided cash dividends on the common stocks shall have been paid out of current earnings in at least three of the last five years preceding the
purchase.