South Australian Current Acts South Australian Current Acts (1) For the purposes
of this Part, a person is to be regarded as a
fiduciary of another (the "principal") if—
(a) the
person is an agent of the other (under an express or implied authority to act
on behalf of the other); or
(b) the
person is an employee of the other; or
(c) the
person is a public officer and the other is the public agency of which the
person is a member or for which the person acts; or
(d) the
person is a partner and the other is another partner in the same partnership;
or
(e) the
person is an officer of a body corporate and the other is the body corporate;
or
(f) the
person is a lawyer and the other is a client; or
(g) the
person is engaged on a commercial basis to provide advice or recommendations
to the other on—
(i)
investment; or
(ii)
business management; or
(iii)
the sale or purchase of a business or real or personal
property; or
(h) the
person is engaged on a commercial basis to provide advice or recommendations
to the other on any other subject and the terms or circumstances of the
engagement are such that the other (that is, the principal) is reasonably
entitled to expect—
(i)
that the advice or recommendations will be disinterested;
or
(ii)
that, if a possible conflict of interest exists, it will
be disclosed.
(2) A reference to a
fiduciary extends to a person who is to become one.