(1) A trust referred to in section 88(2) shall be created by trust deed the contents and the trustees of which shall be approved by the Registrar before the trust is created.
(2) The Registrar may, for the purpose of this section, allow the assets required to be placed in trust to be held by a bank in Saint Lucia or a financial institution approved by the Registrar to the order of or on behalf of the Registrar and such assets shall be deemed to be placed in trust and the bank shall be deemed to be a trustee.