HERBERT B. O'CONOR, GOVERNOR. 1717

ties of a corporation organized exclusively to hold and operate
real estate acquired by such insurer in accordance with and
subject to the provisions of Sub-section 3, nor an investment
in the stock of another insurance corporation nor an invest-
ment in stocks, bonds or other securities of any corporation
which is engaged exclusively in a kind of business properly
incidental to the insurance business of such insurer, including
an investment in securities of any corporation engaged in the
financing of insurance premiums, or in such incidental busi-
ness and the business of holding and operating real estate.

(5) Stocks, bonds or other securities issued by a corporation,
other than an insurance corporation, having more than twenty
per cent, of its assets invested in insurance company stocks
directly or indirectly, including proportionate equities or in-
terest in insurance company stocks held through any inter-
mediate subsidiary or subsidiaries of such issuing corporation.

(6) Stocks, bonds or other securities issued by a corporation,
other than an insurance corporation, if a majority of the stock
having voting powers of such issuing corporation is owned
directly or indirectly by or for the benefit of one or more offi-
cers or directors of such insurer.

(7) Foreign investments, meaning stocks or shares, bonds or
obligations of any person or governmental or business unit of
or in a foreign country or any sub-division thereof, except such
as conform substantially with the limitations imposed by this
sub-section upon like domestic investments; but the aggregate
amount of foreign investments held by such insurer under this
sub-division of Sub-section 4 and under Sub-division (9) of
Sub-section 3 shall not exceed ten per centum of its total
admitted assets. or one and one-half times the amount of its
reserves and other obligations under such contracts or the
amount necessary to enable it to establish and carry on an
insurance business in such foreign country, directly or through
a subsidiary corporation, whichever shall be greater.

(8) Any investment which is found by the commissioner to
be against public policy or designed to evade any prohibition
of this Act. Nothing contained herein shall be deemed to pro-
hibit any such insurer from accepting securities, otherwise
ineligible, which may be distributed pursuant to any plan of
reorganization or dissolution.

5. LIMITATION OF INVESTMENTS.

Except as more specifically provided in this Act, no domestic
stock or mutual insurance company or Lloyds Association, other