Section 601UAA — Corporations Act 2001: Duties of officers of licensed trustee company

(1) 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)). (2) 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). (3) 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. (4) A reference in this section to the clients of a licensed trustee company is a reference to the clients, when viewed as a group.