CHAPTER 5D
-
LICENSED TRUSTEE COMPANIES
History
Ch 5D inserted by No 108 of 2009, Sch 2
[
9] (effective 6 May 2010).
PART 5D.4
-
DUTIES OF OFFICERS AND EMPLOYEES OF LICENSED TRUSTEE COMPANIES
SECTION 601UAA
DUTIES OF OFFICERS OF LICENSED TRUSTEE COMPANY
601UAA(1)
[
Duties]
An 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.
History
S 601UAA inserted by No 108 of 2009, Sch 2
[
9] (effective 6 May 2010).
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.
History
S 601UAB inserted by No 108 of 2009, Sch 2
[
9] (effective 6 May 2010).