Corporations Act 2001
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Hide history noteAn officer of a licensed trustee company must:
(a) act honestly; and
(b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the officer's position; and
(c) not make use of information acquired through being an officer of the trustee company for the purpose (or for purposes including the purpose) of:
(i) gaining an improper advantage for the officer or another person; or
(ii) causing detriment to the clients of the trustee company; and
(d) not make improper use of their position as an officer for the purpose (or for purposes including the purpose) of:
(i) gaining, directly or indirectly, an advantage for the officer or for any other person; or
(ii) causing detriment to the clients of the trustee company; and
(e) take all steps that a reasonable person would take, if they were in the officer's position, to ensure that the trustee company complies, in relation to the provision of traditional trustee company services, with:
(i) this Act; and
(ii) any conditions imposed on the trustee company's Australian financial services licence.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
601UAA(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 ).
601UAA(3) [ Conflicting duties]A duty of an officer of the trustee company under subsection (1) overrides any conflicting duty the officer has under Part 2D.1 , but is subject to any conflicting duty the officer has under Part 5C.2 .
601UAA(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.
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