58. Every insurer proposing to contract a loan by accepting subordinated loans must be authorized to do so by its internal by-law and by a resolution of the board of directors fixing the terms and conditions, in particular
(1) the total amount;
(2) the rate of interest or authority for the board of directors to determine it; and
(3) if applicable, the privilege to convert subordinated loans into shares in the capital stock or the authority for the board of directors to grant such a privilege.