s 219TN
In forceDuty of nominee to principal
Volume 2Parts 6 to 10 (sections 153 to 235)
Part 8BNominees
Division 5Other matters
219TN Duty of nominee to principal
(1)
It is the duty of a person who is the payment or correspondence nominee of another person 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, there are reasonable grounds for believing 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, there are reasonable grounds for believing that it is in the best interests of the principal that the act be not done.
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