160(1)Subject to the by-laws and resolutions of the company, the directors may borrow on the credit of the company and issue debentures, promissory notes or other instruments for the repayment thereof, and may hypothecate, mortgage or pledge the real or personal property of the company or both, including premium notes and book debts, to secure loans to the company.

160(2)The amount of such loans at any time outstanding shall not exceed one-half of the aggregate amount remaining unpaid upon the premium notes held by the company or such larger amount as may be allowed by the Superintendent.

160(1)Subject to the by-laws and resolutions of the company, the directors may borrow on the credit of the company and issue debentures, promissory notes or other instruments for the repayment thereof, and may hypothecate, mortgage or pledge the real or personal property of the company or both, including premium notes and book debts, to secure loans to the company.

160(2)The amount of such loans at any time outstanding shall not exceed one-half of the aggregate amount remaining unpaid upon the premium notes held by the company or such larger amount as may be allowed by the Superintendent.