(1) The Official Trustee shall not accept any trust for a religious purpose which involves the exercise by him as trustee of any religious observance or ceremony, or the decision of any question as to the religious merit or character of any individual or institution.
(2) The Official Trustee shall not accept any trust which involves the management or carrying on of any business, except of the purpose of winding up forthwith such business in order to realise the trust funds. In any case, in which it is necessary to wind up any business, the Official Trustee shall be entitled to employ, at the expense of the trust, such person or persons as may, in his opinion be necessary, for the purpose of so winding up the business, and he shall not be liable for any loss which may occur in the management of such business.
“Explanation.—Where a religious part of trust is being performed by Settlor or heirs of the Settlor or other person appointed to perform religious rites and appointment of the Official Trustee is sought only for the performance of secular duties or conversion of corpus of the trust into a fund, in such cases Official Trustee may accept such trust on suitable terms and conditions as he may think fit.”