the actual value and to secure other information relative to properties and securities upon which loans are contemplated, the Governor-General shall, upon the request of the board, appoin t committees of appraisement whose duties shall be to examine such properties and securities and report promptly thereon to the board such information as it may require. SECTION  1261 . Restrictions Upon Investments or Loans Upon Real Property . — No investment or loan shall be made upon a mortgage or deed on any property, including buildings thereon, or upon the buildings alone, as hereinbefore provided, without the approval  of four-fifths of the members of the board, nor in an amount in excess of ten per centum of the total amount of the funds of the bank, nor for a longer time than five years, nor in an amount in excess of fifty thousand pesos on any one piece of property;  and every such loan shall be made upon the condition that it may be recalled by the board in the event of any material depreciation of the value of the security or if any of the conditions of the loan are not complied with; and investments upon such mortga ges and deeds shall in no event exceed in the aggregate fifty per centum of the total funds of the bank. SECTION  1262 . Restrictions Upon Investment in Bonds of Public-Service Corporations . — Before an investment is made in the bonds of a public-service corporation, under subsection (j) , the board shall make request upon the Governor-General for the appointmen t of a committee to inquire into the value of the securities in question. It shall thereupon be the duty of the Governor-General, if he deems the contemplated investment desirable, to appoint such committee, whose duty it shall be to ascertain the total re asonable value of all the property of the corporation on which the total issue of the bonds in question shall constitute valid obligations and also the total amount of all the obligations included in said issue or prior thereto; and no investment shall be m ade if the said committee finds that the said total issue of said bonds, together with all prior existing obligations, shall exceed eighty per centum of the total reasonable value of the said property, nor shall such investment be made unless, during the  three years prior to the same, the net earnings of the corporation shall have been more than double the amount necessary to pay the interest on the total issue of the bonds offered for investment. Not more than twenty per centum of the total funds of the b ank on the date of the investment shall be invested in securities of any public-service corporation, unless the principal or interest of such securities shall have been guaranteed by the Government of the United States or by the Government of the Philippin e Islands. [1911-1; 2450-1 ( b , 5 a ).] [1911-2 ( a ).] Copyright 2012 CD Technologies Asia, Inc. and Accesslaw, Inc. Philippine Law Encyclopedia 2011 372