HERBERT, E, O'CONOR, GOVERNOR. 1715

case the Commissioner shall certify that the interests of the
insurer will suffer materially by the forced sale thereof, in
which event the time for disposal of such real property may
be extended for such time as the Commissioner shall pre-
scribe in such certificate. No real property shall be acquired
by any domestic stock or mutual insurance company or Lloyds
Association,, other than a life insurance company or a fraternal
benefit association, pursuant to Paragraphs (a), (b), (d) or
(e) of this Sub-division (8), except with the approval of the
Commissioner.

(9) FOREIGN INVESTMENTS, (a) Any domestic stock or mutual
insurance company or Lloyds Association, other than a life in-
surance company or a fraternal benefit association, may invest
in, or otherwise acquire or loan upon, bonds, notes or other
evidences of indebtedness which are valid and legally author-
ized obligations issued, assumed or guaranteed by the Do-
minion of Canada or any province thereof and which are not
in default as to principal or interest; but the aggregate amount
of such investments which are held at any time by any such
insurer, together with all Canadian investments held by it
pursuant to the following paragraph (b) shall not exceed ten
per cent of its total admitted assets, except where a greater
amount is permitted pursuant to the following paragraph (b),
in which case the provisions of this sub-division shall not be
applicable.

(b) Any domestic stock or mutual insurance company or
Lloyds Association, other than a life insurance company or a
fraternal benefit association, which is authorized to do busi-
ness in a foreign country or possession of the United States
or which has outstanding insurance or reinsurance contracts
on risks located in a foreign country or possession of the
United States, may invest in, or otherwise acquire or loan
upon securities and investments in such foreign country or
possession which are substantially of the same kinds, classes
and investment grades as those eligible for investment
under the foregoing sub-divisions of this sub-section; but the
aggregate amount of such investments in a foreign country
or a possession of the United States and of cash in the currency
of such country or possession which is at any time held by
such insurer shall not, except as provided in the next pre
ceding paragraph (a), exceed one and one-half times the
amount of its reserves and other obligations under such con-
tracts or the amount which such insurer is required by law to
invest in such country or possession, whichever shall be greater.

(10) STOCK AND DEBENTURES OF HOUSING COMPANIES. Stock
and debentures, or either, of any housing company organized