Section 149
SEC. 149. No insurance corporation shall loan any of its money or deposits except upon the security of unencumbered improved real estate in cities and centers of population of municipalities in the Philippine Islands, or on actually cultivated real estate in the Philippine Islands when the value of such real estate is at least one hundred per centum more than the amount to he loaned, or upon the security of first mortgages on real estate not otherwise encumbered transferred to it as collateral security when the value of the real estate described in the mortgage is one hundred per centum more than the amount of the mortgage with interest accrued, or upon bonds or of he!' evidence of debt of the Government of the United States or of the Philippine Islands or of the city of Manila or of municipalities in the Philippine Islands authorized by law to issue bonds: Provided, however. That a life insurance corporation may loan its money upon the security of a policy to an amount not exceeding the cash value of the policy.