(1) Without prejudice to Regulations 45, 46 and 48, neither -
(a) an investment company, nor
(b) a management company or trustee acting on behalf of a unit trust or a management company of a common contractual fund,
may grant loans or act as a guarantor on behalf of third parties.
(2) Paragraph (1) shall not prevent such undertakings from acquiring transferable securities, money market instruments or other financial instruments referred to in Regulation 45 (e), (g) and (h) which are not fully paid.