Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
310 Duty of care
exercising any of the powers of a director or an officer and
discharging any of the duties of a director or an officer must
(a) act honestly and in good faith with a view to the best
interests of the company, and
(b) exercise the care, diligence and skill that a reasonable and
prudent person would exercise in comparable
circumstances.
RSA 2000
(2) Every director, officer and employee of a provincial company
must comply with this Act, the regulations, the company's
instrument of incorporation and the bylaws of the company.
(3) No provision in any contract, in any resolution or in the bylaws
of a provincial company relieves any director, officer or employee
of the company from the duty to act in accordance with this Act
and the regulations or relieves a director, officer or employee from
liability for a breach of that duty.
1999 cI-5.1 s310