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 Kan. Stat. Ann. § 9-2311, and amendments thereto;

(b) to receive, retain and manage alternative asset custody accounts in accordance with Kan. Stat. Ann. § 9-2313, and amendments thereto; and

(c) to engage in trust business as defined in Kan. Stat. Ann. § 9-701, and amendments thereto, as incidental to the activities in subsections (a) and (b).