Section 105
SEC. 105. No savings and mortgage bank shall loan any of its money or deposits unless secured— By mortgage or deed of trust to the corporation of unencumbered improved real estate in cities and centers of population of municipalities in the Philippine Islands or by mortgage or deed of trust to the corporation of actually cultivated and improved agricultural lands in the Philippine Islands: Provided, however, That the amount loaned shall not exceed forty per centum of the actual cash market value of the real estate which is security for the loan, or of the assessed valuation thereof, whichever may be the smaller; By the pledge to the corporation of gold or silver bullion: Provided, That the loan shall not exceed ninety per centum of the value of the pledge by which the loan is secured: By bonds or evidences of debt of the Government of the United States or of the Philippine Island or of the city of Manila or of any municipality in the Philippine Islands authorized by law to issue bonds: Provided, however; That such loan shall not exceed the face value of such bonds or evidences of debt, or the market value thereof, whichever may be the smaller; By first mortgages transferred to the corporation as collateral security on improved and otherwise unencumbered, real estate in cities and centers of population of municipalities in the Philippine Islands: Provided, however, That the mortgage transferred to the corporation as collateral security with 'interest accrued and due shall not exceed forty per centum of the actual cash market value of the real estate which secures such mortgage; or of the assessed value thereof, whichever may be the smaller.