32ACTransactions that may involve conflict of duty

32AC Transactions that may involve conflict of duty

[Section 32AC Inserted by No. 39 of 2013, s. 15, Applied:01 Feb 2014]

(1)  An attorney under an enduring power of attorney may only enter into a transaction that results, or may result, in a conflict of interest, if –

(a) the enduring power of attorney specifies that the transaction may, even though it will or may result in a conflict of interest, be entered into by the attorney; or

(b) the transaction is a member of a class of transactions that the enduring power of attorney specifies may, even though the transactions will or may result in a conflict of interest, be entered into by the attorney; or

(c) the power of attorney specifies that, even though such a transaction will or may result in a conflict of interest, any transaction may be entered into by the attorney.

(2)  For the purposes of subsection (1) , a conflict of interest is a conflict between –

(a) the duties of an attorney in respect of the donor; and

(b) either –

(i) the interests of the attorney, or a relative, business associate or close friend of the attorney; or

(ii) another duty of the attorney.

(3)  Despite subsection (2) , a transaction does not result, or is not to be taken to be a transaction that may result, in a conflict of interest only because, by the transaction, the attorney in the attorney's own right and on behalf of the donor –

(a) deals with an interest, in property, held by the attorney and the donor as tenants in common or joint tenants; or

(b) acquires an interest, in property, jointly with the donor as tenants in common or joint tenants; or

(c) obtains a loan or gives a guarantee or indemnity in relation to –

(i) the acquisition of an interest, in property, held by the attorney and the donor as tenants in common or joint tenants; or