Section 247: Trustee may be interested party.

A trustee or any director of the trustee shall not be precluded from underwriting or guaranteeing the subscription of or subscribing for or otherwise acquiring, holding or dealing with any part of the securities provided that such a trustee director or officer is not thereby put in a position in which he holds more than twenty-five percent interest in the bond or securities and provided that such interest is disclosed to the approving authority of the body concerned before a person is so appointed.