(1) A licensed financial institution shall not engage in trade, except insofar as may be temporarily necessary in the conduct of its business or in the course of the satisfaction of debts due to it.
(2) No licensed financial institution shall be an affiliate of a company which does not conduct banking business or business of a financial nature, unless the Central Bank grants approval, except that subsidiaries of a licensed financial institution may only engage in activities permitted under section 54.
(3) A licensed financial institution shall not acquire or continue in the acquisition of any ownership interest in any commercial, agricultural, industrial or other non-financial undertaking except such interest as a licensed financial institution may acquire for the satisfaction of debts due to it which shall, be disposed of as soon as possible, but not later than 5 years after the acquisition.
(4) Upon the approval of and subject to the terms and conditions the Central Bank may determine, subsection (3) shall not prevent the purchase and sale or holding of shares or stocks —
(a) for a trust account or upon the order and for the account of a customer without recourse;
(b) in any company set up for the purpose of promoting the development of a money market or securities market or of improving the financial mechanism for the financing of economic development in the Currency Union;
(c) in another company, the aggregate value of which does not at any time exceed 10% of the capital base of that licensed financial institution, and where there is no established market value for such shares the value of such shares shall be established on the basis of a valuation approved by the Central Bank.
(5) The total amount of the holdings of a licensed financial institution under subsection (4)(c) may not exceed 60% of the capital base of the licensed financial institution.
(6) An investment in a company under subsection (4)(c) may not exceed 5% of the shares of that company.
(7) A licensed financial institution shall not outsource any of its functions to any other person without the approval of the Central Bank.