Trustees of more than one Trust

(1) A trustee is not, in the absence of fraud, affected by notice of any instrument, matter, fact or thing in relation to a trust if he obtained notice of it by reason of his acting or having acted as trustee of another trust. (2) A trustee of a trust shall disclose to his co-trustees any interest which he has as trustee of another trust if any transaction 25 in relation to the first mentioned trust is to be entered into with the trustees of the other trust.