Section 182
SEC. 182. Every loan made by the corporation must be property evidenced by a note or other instrument in writing and must be secured by a first mortgage or deed of trust on unencumbered real estate and also by the pledge to the corporation of shares of stock of the corporation the matured value of which shall at least equal the amount loaned: Provided, however, That loans may be c made on the security of free shares pledged to the corporation for the. repayment of the loan in case, at the time that the loan is made, the withdrawal value of such free shares under the by-laws shall exceed the amount borrowed and interest thereon for six months: And provided further, That no loan on the security off real estate e shall be made unless the title to such real estate shall have been first registered in accordance with the Land Registration Act and unless such real estate shall the situate within the city or municipality in which the principal place of business of the corporation is established.