Limitations on business of trust corporations

(1) No licensee which carries on the business of a trust corporation shall– (a) commingle, in any respect, any assets or funds held in a fiduciary capacity with the general assets of the licensee (except where the licensee is a bank and is permitted to deposit funds with itself as a banker); (b) commingle the assets or funds of separate accounts held in a fiduciary capacity, other than as permitted under paragraph (a) or under 115 regulations and practice directions made pursuant to section 62 (g); (c) accept deposits in any department or division of the licensee which carries on the business of a trust corporation; or (d) make any loan, advance or extension of credit of any funds held in a fiduciary capacity to any director or officer of the licensee. (2) Unless authorized under other applicable laws, an order of any court of competent jurisdiction, or the instrument creating the trust relationship, no licensee shall engage as fiduciary in any transaction in which it has a financial interest that might affect its best judgment in engaging in such transaction.