Document ID: chunk:federal_register_of_legislation:C2009A00108:clause:2_601uab
Version: federal_register_of_legislation:C2009A00108
Segment Type: clause
Provision Reference: sch 2 cl 601UAB
Character Range: 67953–69373

601UAB  Duties of employees of licensed trustee company
 (1) 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)).
 (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 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.
 (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.

Part 5D.5—Limit on control of licensed trustee companies

Division 1—15% voting power limit