Which one of the following statements about ‘Trusteeship’ is not correct?

Mahatma Gandhi's concept of 'Trusteeship' is a socio-economic philosophy aimed at transforming the capitalist order into an egalitarian society through non-violent means [t1, t3]. It is rooted in the belief that human nature is never beyond redemption, allowing the owning class a chance to reform themselves [t1, t2]. While it does not recognize an absolute right to private property, it permits ownership only as far as society deems necessary for its own welfare [t1, t4]. Crucially, the theory does not exclude legislative regulation; rather, it explicitly includes the possibility of state-regulated trusteeship to ensure that wealth is not used for selfish satisfaction at the expense of society [t1, t3]. Gandhi envisioned that if persuasion failed, the state could use legislation to regulate the ownership and use of wealth to maintain social equity [t2, t6]. Therefore, statement 4 is incorrect as it falsely claims the exclusion of legislative regulation.