No executor, administrator, guardian, receiver or other fiduciary appointed by or acting pursuant to the authority of any chancery court may borrow or use for his own benefit, directly or indirectly, any of the funds or property of the estate committed or entrusted to him by such court, nor purchase or acquire, directly or indirectly, any interest therein adverse to any creditor or beneficiary of such estate. Nor may he loan the same, or any part thereof, to any parent, brother, sister, son, daughter of, or one in loco parentis to the ward or himself, nor to any attorney or agent representing him or such estate, nor to the wife or any child of such attorney or agent. Nor may any court or chancellor authorize or ratify any such prohibited use, acquisition or loan.
Provided, however, the above prohibitions shall not extend to prohibit the investment by a banking corporation of the funds of an estate committed or entrusted to it in time certificates of deposit, provided such be approved by the chancellor, and the banking corporation shall first secure such certificates of deposit in excess of the portion insured by the Federal Deposit Insurance Corporation, as provided in section 81-5-33, Mississippi Code of 1972.