The funds accumulated in the employees savings fund from such deductions shall be handled as permanent reserves. These reserves shall be invested by the investment committee only in assets eligible for the investment of funds of legal reserve life insurance companies in the state of Kansas as stated in Kan. Stat. Ann. § 1968 Supp. 40-403c, with the exception of subsections (d), (i), (j), (k) and (l) of said section or as otherwise provided in this act: Provided, That total investments in common stocks permitted under such section may be made in an amount of up to twenty-five percent (25%) of the total book value of the fund and that the common stock of any bank which is a member of the federal deposit insurance corporation and has capital funds, represented by capital, surplus and undivided profits, of at least twenty million dollars ($20,000,000) shall be deemed eligible for investment under said section without regard to whether the common stock of such bank is registered on a national exchange under the securities exchange act of 1934: Provided further, That the term “admitted assets” stated in such section shall be deemed to mean the amount of the fund, and the provisions relating to limitation of investments as a percent of surplus and loans to policyholders shall be inapplicable with respect to investment of the fund. The board shall employ or retain qualified investment counsel or may negotiate with a trust company to assist and advise in the judicious investment of funds as herein provided for. All interest and income dividends received thereon shall be prorated at least once each twelve (12) months to the individual savings accounts. The board shall turn over all securities purchased to the state treasurer for safekeeping.