17. Prohibition of certain trades
Feedback & supportA licensed trust company shall not —
as a trustee, enter into any transaction on behalf of a trust; or
as a provider of trust administration services, cause the trustee to enter into any transaction,being a transaction to which any of the following is a party:
the licensed trust company;
where the transaction is a personal transaction of a resident manager of the licensed trust company, such resident manager of the licensed trust company;
where the transaction is a personal transaction of a director of the licensed trust company, such director of the licensed trust company.
Any licensed trust company which contravenes paragraph (1) shall be guilty of an offence.
Subregulation 1
A licensed trust company shall not —
Subregulation a
as a trustee, enter into any transaction on behalf of a trust; or
Subregulation b
as a provider of trust administration services, cause the trustee to enter into any transaction,being a transaction to which any of the following is a party:
the licensed trust company;
where the transaction is a personal transaction of a resident manager of the licensed trust company, such resident manager of the licensed trust company;
where the transaction is a personal transaction of a director of the licensed trust company, such director of the licensed trust company.
Subregulation 2
Any licensed trust company which contravenes paragraph (1) shall be guilty of an offence.