Section 3
Sec. 3. Section one hundred and eighty-one of Act Num Bunding and loan bered Fourteen hundred and fifty-nine as amended by Act Numbered Thirty-six hundred and ten, is further amended so as to read as follows: "Sec. 181. By the affirmative vote of a majority of all -loans. the directors the association may borrow money for such temporary uses and purposes of the association as the exigencies of the business may demand provided such borrowing is consistent with the objects of the association. The aggregate amount of the outstanding indebtedness of any such association shall not at any time exceed fifty per centum of the capital stock of all classes of such association actually paid in. "After the date when this Act, as amended, shall take directors, effect, no director or officer of any building and loan association shall either directly or indirectly, for himself or as the representative or agent of others, borrow any of the funds of such association except upon the pledge of shares of such association with a withdrawal value in excess of the amount borrowed, nor shall he become a guarantor, indorser, or surety upon loans granted by such association to others or in any manner be an obligor for moneys borrowed from the association or loaned by it unless such borrowings are secured by the pledge of stock of such association with a withdrawal value in excess of the sums borrowed. Any director or officer of a building and loan association who violates the provisions of this paragraph shall be punished by imprisonment not exceeding five years or by a fine of not less than one thousand pesos nor more than five thousand pesos or by both such fine and imprisonment in the discretion of the court."