RTA · Business Corporations Act
Part 7 — Trust Indentures
82 Conflict of interest
conflict of interest between the person's role as trustee and the
person's role in any other capacity.
(2) A trustee shall, within 90 days after the trustee becomes aware
that a material conflict of interest exists,
(a) eliminate the conflict of interest, or
(b) resign from office.
(3) A trust indenture, any debt obligations issued under it and a
security interest effected by it are valid notwithstanding a material
conflict of interest of the trustee.
(4) If a trustee contravenes subsection (1) or (2), any interested
person may apply to the Court for an order that the trustee be
replaced, and the Court may make an order on any terms it thinks
fit.
1981 cB-15 s78