Section 24
SEC. 24. Section fifty-six of the same Act is hereby amended to read as follows: "SEC. 56. Any corporation formed or organized for the purpose of acting as trustee or administering any trust or holding property in trust or on deposit for the use, benefit, or behalf of others, shall be known as a trust corporation or company. "A trust company or any bank, authorized to engage in the business of a trust company pursuant to Section fifty-seven hereof, shall administer the funds or property under its custody with the skill, care, prudence and diligence necessary under the circumstances then prevailing that a prudent man, acting in like capacity and familiar with such matters, would exercise in the conduct of an enterprise of a like character and with similar aims. "No trust company or bank engaged in the business of a trust company shall purchase or acquire property, for the account of the trustor or the beneficiary of the trust, from any of the departments, directors, officers, or employees of the trust company or bank, unless the transaction is specifically authorized by the trustor and the relationship of the trustee and the party from whom the property is acquired is fully disclosed to the trustor prior to the transaction. "The Monetary Board shall promulgate such rules and regulations as may be necessary to prevent circumvention of this prohibition or the evasion of the responsibility herein imposed on trust companies."