All shares issued by any association issuing no investment certificates and which is an insured institution as defined in Title IV of the National Housing Act shall be legal investments for the funds of executors, administrators, guardians, receivers and trustees of every kind and nature, and for the funds of all insurance companies and when, by any law of this territory, it is provided that the moneys of any pension fund, retirement plan, trust fund, or the moneys of any fund the investment of which is governed by law may or shall be invested in securities which are a legal investment for saving banks, then such law shall be deemed to authorize the investment of such money in such shares. This section is intended to be, and shall be considered, the latest enactment upon the matters herein contained, and is supplemental to any and all other acts regulating, relating to or declaring what shall be legal investments for the funds of executors, administrators, guardians, receivers, trustees or insurance companies, or for any of the other funds referred to in this section.

SOURCE: GC §41155.