On and after the passage of this act, the investment by any title insurance company, stock fire insurance company, stock marine insurance company, stock fire and marine insurance company, stock casualty insurance company, stock life insurance company, mutual life insurance company, mutual fire insurance company; or the investment of funds of any State insurance fund, State school fund, firemen’s relief and pension fund, police pension fund, or other pension fund; or the investment by any building and loan association; or by any administrative department, board, commissioner or officer of the State Government, authorized by law to make investments of funds in the custody or under the control of such department, board, commission, or officer, guardian, trustee or other fiduciary, school district or township, in shares of any Federal Savings and Loan Association or other institution within, and in the case of mutual life and mutual fire insurance companies within or outside, the Commonwealth, to the extent to which the withdrawal or repurchasable value of such shares now are, or may hereafter be, insured by the Federal Savings and Loan Insurance Corporation, under acts of Congress of the United States of America now in effect or which may hereafter be enacted shall be lawful.