42Conflict transactions

42 Conflict transactions (1) For this section, a conflict transaction is a transaction that results, or may result, in conflict between— (a) the duty of an attorney towards the principal; 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. (2) However, a transaction is not a conflict transaction only because, by the transaction, the attorney in the attorney’s own right and on behalf of the principal— (a) deals with an interest in property jointly held; or (b) acquires a joint interest in property; or (c) obtains a loan or gives a guarantee or indemnity in relation to a transaction mentioned in paragraph (a) or (b). (3) An attorney may enter into a conflict transaction only if the principal authorises the transaction, conflict transactions of that kind or conflict transactions generally, in the power of attorney. (4) In this section: joint interest includes an interest as a joint tenant or tenant in common.

Obligations of all attorneys Division 4.4.1