Australian Capital Territory Current Acts

POWERS OF ATTORNEY ACT 2006 - SECT 42

    (1)     For this section, a conflict transaction is a transaction that results, or may result, in conflict between—

        (a)     the duty of an attorney towards the principal; and

        (b)     either—

              (i)     the interests of the attorney, or a relative, business associate or close friend of the attorney; or

              (ii)     another duty of the attorney.

    (2)     However, a transaction is not a conflict transaction only because, by the transaction, the attorney in the attorney's own right and on behalf of the principal—

        (a)     deals with an interest in property jointly held; or

        (b)     acquires a joint interest in property; or

        (c)     obtains a loan or gives a guarantee or indemnity in relation to a transaction mentioned in paragraph (a) or (b).

    (3)     An attorney may enter into a conflict transaction only if the principal authorises the transaction, conflict transactions of that kind or conflict transactions generally, in the power of attorney.

    (4)     In this section:

"joint interest" includes an interest as a joint tenant or tenant in common.