| (1) | Subject to subsection (2), a mutual bank that invests money in immovable property or in shares, or that lends or advances money to any of its subsidiaries the main object of which is the acquisition and holding of development of immovable property, shall manage its transactions in such investments, loans or advances in such a way that the sum of the amounts— |
| (a) | invested by it in immovable property, taken at the book value thereof; |
| (b) | invested by it in shares (excluding preference shares that are not convertible into ordinary shares), taken at the price at which they were acquired; and |
| (c) | owing to it by any such subsidiary in respect of a loan or an advance granted by it, |
does not at any time exceed a prescribed amount.
| (2) | The Registrar may in writing exempt a mutual bank from the provisions of subsection (1) on such conditions and to such extent and for such a period as he may determine. |
