(1) An officer of the responsible entity of a registered scheme 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)
- act in the best interests of the members and, if there is a conflict
between the members' interests and the interests of the responsible entity,
give priority to the members' interests; and
- (d)
- not make use of information acquired through being an officer of the
responsible entity in order to:
- (i)
- gain an improper advantage for the officer or another person; or
- (ii)
- cause detriment to the members of the scheme; and
- (e)
- not make improper use of their position as an officer to gain, directly or
indirectly, an advantage for themselves or for any other person or to cause
detriment to the members of the scheme; and
- (f)
- take all steps that a reasonable person would take, if they were in the
officer's position, to ensure that the responsible entity complies with:
- (i)
- this Act; and
- (ii)
- any conditions imposed on the responsible entity's dealers licence; and
- (iii)
- the scheme's constitution; and
- (iv)
- the scheme's compliance plan.
- Note: Subsection (1) is a civil penalty provision as defined in
section 1317DA and Part 9.4B provides for civil and criminal
consequences of contravening it.
(2) A duty of an officer of the responsible entity under subsection (1)
overrides any conflicting duty the officer has under Part 2D.1.