Section 2
SEC. 2. Section four of said Act, as amended, is further amended to read as follows: "SEC. 4. Loans.&mdashThe Bank may grant loans against security of real estate and/or other acceptable assets including, subject to the provision of existing laws, leasehold rights and permits from the government: Provided, That not more than forty-five per cent of its authorized capital stock shall be available for industrial loans, not more than thirty-five per cent of such capital stock shall be available for agricultural loans and not more than twenty per cent of such capital stock shall be available for miscellaneous loans including loans for home building or home financing projects: Provided, further, That the same proportion hereinabove stated shall be observed in the granting of loans for industrial, agricultural and miscellaneous purposes: Provided, further, That of the amount available for agricultural loans, not more than twenty per cent thereof shall be made available for any agricultural crop and that of the latter amount not more than five per cent thereof shall be loaned to any individual, association or corporation: Provided, further, That no person shall be granted a loan for home building in excess of thirty thousand pesos: Provided, further, That when the interest of the national economy so requires and upon approval of the President of the Philippines for a specified and limited period, the proportions hereinabove stated need not be observed in the granting of loans: Provided, further, That any provision of law to the contrary notwithstanding, the bank is authorized to grant loans on the security of real estate without torrens title if the real estate has been declared for purposes of taxation continuously for at least ten years and the applicant for loan and his predecessors in interest have been in continuous and uninterrupted possession thereof in the concept of owner for at least ten years, such possession to be established by affidavits of the owners of all the properties adjoining such real estate and other evidences that the Board of Governors may deem necessary: Provided, finally, That the bank may invest funds for the purchase of such mortgage bonds as the Philippine National Bank shall issue for the grant of medium and long-term development loans, which, bonds must be guaranteed by the government both as to principal and interest."