(a) securities in which trustees are by law permitted to invest trust funds, but the total amount of investments in first mortgages on land shall not exceed fifty per cent of the total amount of the insurer’s investments;

(b) the public stock, funds or government securities of, or securities guaranteed by, the United Kingdom or the United States of America;

(c) the bonds or debentures of any municipality in Canada, or bonds or debentures secured by rates or taxes levied under the authority of the government of any province of Canada on property situated in such province and collectable by the municipalities in which such property is situated;

(d) terminating debentures of incorporated companies that have, in Canada, for the last preceding five consecutive years, been actually supplying gas, water, heat, light, power or electricity to the public or to any municipal corporation; or of steam, electric or street railway or telegraph or telephone companies in actual operation in Canada, but loans on the security of, or the investment in, debentures of any of the companies mentioned in this paragraph shall not in the aggregate exceed ten per cent of the total amount of the insurer’s investments;

(e) in the case of a life insurer, life or endowment contracts issued by such insurer, but not in excess of the loan value of such contract; or

(f) subject to the limitation in paragraph (a), securities as may be authorized under the Canadian and British Insurance Companies Act, chapter I-15 of the Revised Statutes of Canada, 1970, and the Foreign Insurance Companies Act, chapter I-16 of the Revised Statutes of Canada, 1970, for insurers subject thereto.

(a) securities in which trustees are by law permitted to invest trust funds, but the total amount of investments in first mortgages on land shall not exceed fifty per cent of the total amount of the insurer’s investments;

(b) the public stock, funds or government securities of, or securities guaranteed by, the United Kingdom or the United States of America;

(c) the bonds or debentures of any municipality in Canada, or bonds or debentures secured by rates or taxes levied under the authority of the government of any province of Canada on property situated in such province and collectable by the municipalities in which such property is situated;

(d) terminating debentures of incorporated companies that have, in Canada, for the last preceding five consecutive years, been actually supplying gas, water, heat, light, power or electricity to the public or to any municipal corporation; or of steam, electric or street railway or telegraph or telephone companies in actual operation in Canada, but loans on the security of, or the investment in, debentures of any of the companies mentioned in this paragraph shall not in the aggregate exceed ten per cent of the total amount of the insurer’s investments;

(e) in the case of a life insurer, life or endowment contracts issued by such insurer, but not in excess of the loan value of such contract; or

(f) subject to the limitation in paragraph (a), securities as may be authorized under the Canadian and British Insurance Companies Act, chapter I-15 of the Revised Statutes of Canada, 1970, and the Foreign Insurance Companies Act, chapter I-16 of the Revised Statutes of Canada, 1970, for insurers subject thereto.