Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.4 - DUTIES OF OFFICERS AND EMPLOYEES OF LICENSED TRUSTEE COMPANIES  

SECTION 601UAB   DUTIES OF EMPLOYEES OF LICENSED TRUSTEE COMPANY  

601UAB(1)   [ What employee must not do]  

An employee of a licensed trustee company must not:

(a) make use of information acquired through being an employee of the trustee company for the purpose (or for purposes including the purpose) of:

(i) gaining an improper advantage for the employee or another person; or

(ii) causing detriment to the clients of the trustee company; or

(b) make improper use of their position as an employee for the purpose (or for purposes including the purpose) of:

(i) gaining, directly or indirectly, an advantage for the employee or for any other person; or

(ii) causing detriment to the clients of the trustee company.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

601UAB(2)   [ Contravention]  

A person who contravenes, or is involved in a contravention of, subsection (1) contravenes this subsection.

Note 1: Section 79 defines involved.

Note 2: This subsection is a civil penalty provision (see section 1317E ).

601UAB(3)   [ Conflicting duties]  

A duty of an employee of the trustee company under subsection (1) overrides any conflicting duty the employee has under Part 2D.1 , but is subject to any conflicting duty the employee has under Part 5C.2 .

601UAB(4)   [ Clients]  

A reference in this section to the clients of a licensed trustee company is a reference to the clients, when viewed as a group.