Loans
9.—(1)  The value of secured loans shall be an amount not exceeding —
(a)the principal amount outstanding; or
(b)in the first year in which the secured loans are granted, 70% of the net realisable value of the collateral and in subsequent years, 90% of the net realisable value of the collateral,
whichever is the lower.
(2)  Notwithstanding paragraph (1), the value of residential loans shall be an amount not exceeding the principal amount outstanding or the net realisable value of the collateral, whichever is the lower.
(3)  Notwithstanding paragraph (1), the value of policy loans shall be an amount not exceeding the principal amount outstanding or the cash value of the policy, whichever is the lower.
(4)  Notwithstanding paragraph (1), the value of loans guaranteed by a bank licensed under the Banking Act shall be an amount not exceeding the principal amount outstanding.
(5)  The value of unsecured loans shall be an amount not exceeding the principal amount outstanding or the net realisable value of the loans, whichever is the lower.