(a) as a trustee, enter into any transaction on behalf of a trust; or
(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:
(i)
the licensed trust company;
(ii)
where the transaction is a personal transaction of a resident manager of the licensed trust company, such resident manager of the licensed trust company;
(iii)
where the transaction is a personal transaction of a director of the licensed trust company, such director of the licensed trust company.
(2) Any licensed trust company which contravenes paragraph (1) shall be guilty of an offence.