J. MILLARD TAWES, Governor                     1035

made, or prescribing the nature, amount or forms of such security,
or limiting the interest rates upon loans, shall be deemed to apply to
such insured or guaranteed mortgage loans.

(7)   Ground Rents.

Ground rents in the District of Columbia or any state of the
United States of America, provided, that in the case of unexpired
redeemable ground rents the premium paid, if any, shall be amortized
over the period between date of acquisition and redemption date;
and in the case of expired redeemable ground rents the premium
paid, if any, shall be charged off at the time of acquisition. Redeem-
able ground rents purchased at a discount shall be carried at an
amount not greater than the cost of acquisition.

(8)   Real Estate.

Real estate only if acquired or used for the following purposes
and in the following manner:

(i) The land and the building thereon in which it has its principal
office or offices.

(ii) Such as shall be requisite for its convenient accommodation
in the transaction of its business.

(iii) Such as shall have been acquired in satisfaction of loans,
mortgages, liens, judgments, decrees or other debts previously owing
to such insurer in the course of its business.

(iv) Such as shall have been acquired in part payment of the
consideration on the sale of real property owned by it, if each such
transaction shall have effected a net reduction in the company's
investment in real property.

(v) Additional real property and equipment incident to real prop-
erty, if necessary or convenient for the purpose of enhancing the
sale value of real property previously acquired or held by it pursuant
to the provisions of paragraphs (iii) or (iv) of this subsection.

All real property acquired pursuant to paragraphs (i) and (ii) of
this subsection shall be disposed of within five years after it shall
have ceased to be necessary for the convenient accommodation of
such insurer in the transaction of its business, and all real property
acquired pursuant to this paragraph and paragraphs (iii) and (iv) of
this subsection shall be disposed of within five years after the date
of acquisition, unless in either 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 prop-
erty may be extended for such time as the Commissioner shall pre-
scribe in such certificate. No real property shall be acquired by any
insurer pursuant to this paragraph and paragraphs (i), (ii) and (iv)
of this subsection, except with the approval of the Commissioner.

(9)   Foreign Investments.

(i) Any domestic insurer may invest in, or otherwise acquire or
loan upon Canadian securities and investments which are substan-
tially of the same kinds, classes and investment grades as those
eligible for investment under this subtitle.

(ii) Any insurer which is authorized to do business in a foreign