Duties of trustee

(1) The trustee may not deal with any assets placed in trust pursuant to section 26(3) except on the instructions of the company so placing those assets or where this Act so requires. (2) The trustee may not deal with or release any assets held on trust by him in pursuance of section 26 without the prior general or specific written approval of the Supervisor. (3) Every trustee appointed of a trust created in pursuance of section 26 shall in the event of a contravention of the provisions of this section, be under the same liability as if the appropriate policyholders had been beneficiaries of such trust.