1. The following may, in addition to other investments allowed by law, properly and legally invest any funds, including capital, belonging to them or within their control in obligations issued or guaranteed by the International Bank for Reconstruction and Development, or the International Finance Corporation, or by the Inter-American Development Bank or the Asian Development Bank or the African Development Bank; that is to say:
(a) Insurance companies, insurance associations, and all other persons carrying on an insurance business.
(b) Executors, administrators, guardians, committees, conservators, liquidators, rehabilitators, receivers, trustees, and all other persons occupying similar fiduciary positions.
(c) Banks, trust companies, bankers and savings banks.
(d) Savings and loan, and building and loan associations, investment companies, and other financial institutions.
(e) Credit unions, cemetery associations, mutual benevolent and benefit associations.
(f) Firemen's, police, and teachers' association pension and relief funds.
(g) Other pension, retirement, compensation, and sinking fund systems.
(h) The State and its counties, and municipalities and their subdivisions and agencies.
(i) All public officers, officials, boards, commissions, bodies and agencies of the State and its counties, and municipalities and their subdivisions and agencies.
(j) Any other individual, firm, group, corporation, association, institution, and fund of any nature whatsoever.