(1) (a) A trust company may invest trust moneys in its hands in or upon any securities in which private trustees may by law invest trust moneys, and may from time to time vary any such investment for others of the same nature:
Provided that the company shall not in any case invest the moneys of any trust in or upon securities prohibited by the instrument creating the trust, and whenever any special directions are given in any order, judgment, decree, or will, or in any other instrument creating the trust, as to the particular class or kind of securities or property in or upon which any investment shall be made, the company shall follow those directions.
(b) The company may also, in its discretion, retain and continue any investment and securities coming into its possession in any fiduciary capacity.
(2) No trust company shall directly or indirectly invest any trust moneys otherwise than in accordance with subsection (1).