Any fiduciary financial institution is hereby authorized to exercise by its board of directors or duly authorized officers or agents, subject to law, the following powers:
(a) To engage in fidfin transactions in accordance with K.S.A. 9-2311 , and amendments thereto;
(b) to receive, retain and manage alternative asset custody accounts in accordance with K.S.A. 9-2313 , and amendments thereto; and
(c) to engage in trust business as defined in K.S.A. 9-701 , and amendments thereto, as incidental to the activities in subsections (a) and (b).