The provisions of Supervisory Procedure CB 119 of this Title shall apply to any branch or agency of a foreign banking corporation which proposes to establish a common trust fund, and the provisions of Part 22 of this Title shall apply to any such licensee maintaining such a fund. The terms trust company and board of directors, as used in CB 119 and Part 22 of this Title, shall be deemed to refer to the trust operation of the licensed New York branch or agency and the board of directors of the licensee foreign banking corporation, respectively.