(1) Except as otherwise provided
for in the memorandum of incorporation, no trustee shall do, or
cause to be done, any of the following acts:
(a) To use the trust property in any manner other than in
the accomplishment of the object of trust,
(b) To use, or caused to be used, the trust property in any
act yielding profit to the trustee himself or herself or to
anyone else, except in the accomplishment of the
object of trust,
(c) To delegate or hand over the responsibility or
obligation of trustee to another trustee or a person,
Provided that nothing shall bar the appointing of
his or her agent or attorney in the course of ordinary
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transaction or assigning of any responsibility or
obligation if such responsibility or obligation is to be
assigned in view of the nature of such transaction or
assigning of any responsibility to another person with
the consent of the beneficiary, if any, identified.
(d) To carry out any act relating to the trust solely contrary
to Section 329, if there are more than one trustee,
(e) To obtain any remuneration, allowance or facility in
consideration for being a trustee,
Provided that nothing shall bar the receiving of
reasonable remuneration, allowance or facility for any
work done whole-time or part-time after establishing
the office or with the prior permission of the registrar,
without prejudicing the object of the trust or benefit of
the beneficiary.
(f) To purchase or otherwise receive on pledge, mortgage,
lease or rent the property of the trust for which he or
she is a trustee during his or her tenure or before at
least three years of his or her retirement from the
office of a trustee.
(2) The trustee shall not make any economic transaction
between his or her private property and the trust property. He or she
shall make compensation for the loss, if any, to the trust property
from such transaction.
(3) The trustee shall not merge his or her property with the
trust property.
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