to the bank of improved and unencumbered city real estate, with a title duly registered according to law, when the buildings are of a permanent and substantial character, situated in the Philippine Islands; but no such loan or investment shall be for more than sixty per centum of the value of such property as determined by the board. (f) In first mortgage, deed of trust, or deed with contract for resale, to the bank of leasehold interests in lands having still not less than fifty years to run, and all buildings thereon, when the said lands are situated in the Philippine Islands, with t itle in the Government of the Philippine Islands, and the buildings are of a permanent and substantial character; but the amount of the loan or investment shall in no case exceed sixty per centum of the value of the buildings as determined by the board. ( g ) Upon first mortgage, deed of trust, or deed with contract for resale to the bank of actually cultivated, improved, and unencumbered agricultural lands in the Philippine Islands with a title registered in accordance with law when the buildings thereon a re of a permanent and substantial character, but no investment shall be made upon such property in an amount in excess of sixty per centum of its value as determined by the board, nor upon any one piece of such property in an amount in excess of ten thousa nd pesos. ACHEaI ( h ) In securities the principal or interest of which is guaranteed by the Government of the United States or of the Philippine Islands. ( i ) In loans or securities the principal or interest of which is guaranteed by the Government of the United States or of the Philippine Islands; but such loans shall not exceed eighty per centum of the market value of such securities and no loan shall be m ade on such securities for a period longer than one year. (j) In bonds which are valid obligations against all the property of any public-service corporation incorporated under the laws of the United States or of the Philippine Islands. HSTAcI ( k ) In bonds of the Manila Railroad Company known as "A debentures, Manila Railway, nineteen hundred and six, limited." [1493-18; 1620-1; 1911-1, 2; 1985-1; 2450-1.] SECTION  1260 . Appraisement of Property or Securities . — To ascertain 371 Copyright 2012 CD Technologies Asia, Inc. and Accesslaw, Inc. Philippine Law Encyclopedia 2011