Page:United States Statutes at Large Volume 48 Part 1.djvu/1179

 73d C ONGRESS. SESS. II. CH. 672. JUNE 19, 1934 . 1153 (5) Stock and bonds and other evidences of indebtedness of any ven t stocks, sorand s f s°i solvent corporation of any State or Territory of the United States or of the District or of any Province of the Dominion of Canada excepting stock in its own corporation : Provided, That no such Proviso. investment shall be made in or loan made upon the security of any Restriction. such stocks upon which dividends in cash during the period of five years next preceding such purchase amounting to not less than 4 per centum on all of such corporation's outstanding capital stocks in each fiscal year for said five years shall not have been paid and upon which bonds any regular interest payment shall have been defaulted any time within five years prior to such purchase or loan. . Loans upon the pledge of any of the securities aforesaid. Eo an e uponpled geof A life-insurance company may also purchase for its own bene- Purchase of policies. fit any policy of life insurance or other obligation of the company and claim of the holders thereof, and may lend to the holders of er Loans to policyhold- its life-insurance policies sums not exceeding in any case the reserve value of the policy at the time the loan is made, and for the payment Limita tion. of any such loan the policy and all profits thereon shall be pledged. (8) A company doing business in a foreign country may invest pnp~II businesco m- the f unds requi red to me et its obligations in such country and in foreign country . conformity to the laws thereof in the same kind of securities in such foreign country that such company is allowed by law to invest in the United States. (9) A life-insurance company may purchase or receive in exchange ersB Loan° Home o n r for any mortgage, contract, judgment, or lien owned or held by it, or for any real estate acquired by it in satisfaction of any mortgage, contract, judgment, or lien upon such real estate, the bonds of the Home Owners' Loan Corporation, a corporation organized under and pursuant to the authority of the Home Owners' Loan Act of 1933, passed by the Congress of the United States and approved June 13, 1933. No loan or investment, except loans on the security of life-insur- Restriction on gen- ance policies, shall be made by any such company, -unless the same oral loans, etc. shall have been authorized by the board of directors or by a com- mittee thereof charged with the duty of supervising loans or investments. No such company shall subscribe to or participate in any under- Underwriting. writing of the purchase or sale of securities or property, or enter into any transaction for such purchase or sale on account of said company, jointly with any other corporation, firm, or person, or enter i nto an y agre ement to wit hhold from sa le any of it s secu rities or property ; but the disposition of its assets shall at all times be within the control of the company. No thing in this Act s hall proh ibit a com pany from acce pting in Acceptance of seeuri- good faith. t o protect its interests, securities, or property, other than p ties and ayment oabtsy in herein referred to, in payment of or to secure debts due or to become due the company. SEC. 36. DoM ESTI O CO MPA NY R EAL -EST ATE HOLDINGS.-A domestic Domestic company, company ma y acqu ire, h old, a nd con vey re al est ate for the p urpose Le anhorisedd transae- and in the manner only following : Lions. (1) The building in which it has its principal office and the land on which it stands. (2) Such as shall be requisite for its convenient accommodation in the transaction of its business. (3) Such as shall have been acquired for the accommodation of its business. (4) Such as shall have been mortgaged to it in good faith by way of security for loans previously contracted or for money due. 36 037 °-3 4- -73