Document ID: chunk:federal_register_of_legislation:C2024C00582:section:292
Version: federal_register_of_legislation:C2024C00582
Segment Type: section
Provision Reference: s 292
Character Range: 382856–383511

292  Duty of nominee to principal
 (1) It is the duty of a person who is the payment or correspondence nominee of a principal at all times to act in the best interests of the principal.
 (2) A nominee does not commit a breach of the duty imposed by subsection (1) by doing an act if, when the act is done, the nominee reasonably believes that it is in the best interests of the principal that the act be done.
 (3) A nominee does not commit a breach of the duty imposed by subsection (1) by refraining from doing an act if, at the relevant time, the nominee reasonably believes that it is in the best interests of the principal that the act be not done.