Section 108
SEC. 108. Savings and mortgage banks may purchase, hold, and convey real and personal property as follows: The lot with the building thereon in which the bank conducts and carries on its business, which shall not exceed in value seventy-five thousand pesos, or such additional sum as may be fixed by the affirmative vote of the stockholders representing two-thirds of the subscribed capital stock: Such property, real and personal, as may have been mortgaged, pledged, or conveyed to it in good faith in trust for its benefit by reason of money loaned by it in pursuance of the regular business of the bank, and such real or personal property as may have been purchased by it at sales to satisfy pledges, mortgages, or deeds of trust executed to it on account of money loaned by it, and such real and personal property as may have been conveyed to it by borrowers in satisfaction and discharge of loans made by the bank to them; Bonds and other evidences of debt of the Government of the United States or of the Philippine Islands or of the city of Manila, or of any municipality in the Philippine Islands authorized by law to issue bonds, at the reasonable market value thereof, first mortgages secured by improved real estate in cities and centers of population of municipalities in the Philippine Islands, but any mortgage purchased with interest accrued shall not exceed forty per centum of the actual cash market value of the real estate which secures such mortgage, and gold bullion at a valuation not exceeding its market value: Provided, however, That any real estate purchased by said bank in payment or by reason of any loan made by such bank must be sold by the bank within five years after the title thereto has been vested in it: And provided further, That no savings and mortgage bank shall purchase, own, or sell personal property except as may be required and permitted in the transaction of its ordinary business or for its immediate accommodation or the convenient and proper transaction of its lawful business.