(a) Obligations issued by or for the Inter-American Development Bank or the African Development Bank are declared to be eligible investments for all funds authorized by law to be invested by any and all of the following:

1. (1) Any financial institution (as defined in IC 28-1-1-3 ).
2. (2) Individual or corporate fiduciaries.
3. (3) Fraternal beneficiary societies (as defined in IC 27-11-1-11 ).

(b) Nothing in this section may be construed to change any limitations as to amounts which may be invested in obligations of any one (1) obligor as may be imposed by laws regulating the investments of the various financial institutions, industrial loan and investment companies, and trust funds.

Formerly: Acts 1963(ss), c.14, s.1. As amended by Acts 1982, P.L.171, SEC.87; P.L.49-1988, SEC.3.