In addition to limitations and restrictions imposed by the federal Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. 1001 et seq., on trustees or officers in their capacity as fiduciaries, a trustee or officer of a trust carrying out a multiple employer welfare arrangement shall not do any of the following:

1. (1) Receive directly or indirectly any payment for negotiating, procuring, recommending or aiding in:

   1. (a) Any purchase by or sale to the trust; or
   2. (b) Any loan from the trust.
2. (2) Be pecuniarily interested, as principal, coprincipal, agent or beneficiary, in a purchase, sale or loan described in subsection (1) of this section.

Note: See note under 750.301.

[1993 c.615 §18]