Section 48
SEC. 48. Section ninety of the same Act is hereby amended to read as follows: "SEC. 90. Emergency loans and advances. — In periods of emergency or of imminent financial panic which directly threaten monetary and banking stability, the Central Bank may grant banking institutions extraordinary advances secured by any assets which are defined as acceptable security by a concurrent vote of at least five members of the Monetary Board. While such advances are outstanding, the debtor institution may not expand the total volume of its loans or investments without the prior authorization of the Monetary Board. "The Central Bank may, at its discretion, likewise grant advances to banking institutions, even during normal periods, for the purpose of assisting a bank in a precarious financial condition or under serious financial pressures brought about by unforeseen events, or events which, though foreseeable, could not be prevented by the bank concerned: Provided, however, That the Monetary Board has ascertained that the bank is not insolvent and has clearly realizable assets to secure the advances: Provided, further, That a concurrent vote of at least five members of the Monetary Board is obtained. "In connection with the exercise of these powers, the prohibitions in Section 133 of this Act shall not apply insofar as it refers to acceptance as collateral of shares issued by commercial, industrial and non-financial enterprises, but not shares issued by banking institutions: Provided, however, That should the Central Bank acquire any of these shares it has accepted as collateral as a result of foreclosure proceedings, the Central Bank shall dispose of said shares to the public within one year from the date of consolidation of title by the Central Bank."