(a) No funds of any estate, trust or fund shall be invested in a mutual trust investment company if such investment would result in such estate, trust or fund having invested therein an aggregate amount in excess of 10 percent of the assets of the mutual trust investment company, provided that such limitation shall not apply to subscriptions made within a period of six months after the first public offering of stock by such company. In applying the limitation contained in this subdivision, if two or more trusts are created by the same settlor or settlors and as much as one half of the income or principal or both of each trust is, at the time such investment is to be made, payable to, or applicable to the use of, the same person or persons, such trusts shall be considered as one. For the purposes of this section, income or principal shall, at any given time, be deemed payable to, or applicable to the use of, a person or persons if, under the terms of the will or other trust instrument:

1. (1) the same is then so payable or applicable; or
2. (2) such person has, or such persons have, a then exercisable power to cause the same to become payable to, or applicable to the use of, himself or themselves. In determining, for the purposes of this section, whether a power is exercisable at a particular time, no account shall be taken of any period for the giving of notice, or for the completion of any other formality, before such power can be exercised or the exercise thereof can become effective. In determining whether the value of the interest of an estate, trust or fund is more than 10 percent of the value of the assets of the mutual trust investment company, the computation shall be made with respect to the mutual trust investment company as increased by the amount of the proposed investment.