sec.40Duty to act honestly and exercise care and diligence

### sec.40 Duty to act honestly and exercise care and diligence An executive officer of the board must act honestly, and must exercise a reasonable degree of care and diligence, when performing the executive officer’s functions and exercising the executive officer’s powers. A current or former executive officer must not make improper use of information acquired because of the executive officer’s position as an executive officer— to gain, directly or indirectly, an advantage for the executive officer or for any other person; or to cause detriment to the board or a board code of racing. An executive officer must not make improper use of the executive officer’s position as an executive officer— to gain, directly or indirectly, an advantage for the executive officer or for any other person; or to cause detriment to the board or a board code of racing. This section— has effect in addition to, and not in derogation of, any law relating to the civil or criminal liability of an executive officer of the board; and does not prevent the starting of a civil or criminal proceeding in respect of civil or criminal liability. s 40 prev s 40 om 2016 No. 12 s 339 pres s 40 ins 2012 No. 42 s 11 amd 2016 No. 12 s 317 (sec.40-ssec.1) An executive officer of the board must act honestly, and must exercise a reasonable degree of care and diligence, when performing the executive officer’s functions and exercising the executive officer’s powers. (sec.40-ssec.2) A current or former executive officer must not make improper use of information acquired because of the executive officer’s position as an executive officer— to gain, directly or indirectly, an advantage for the executive officer or for any other person; or to cause detriment to the board or a board code of racing. (sec.40-ssec.3) An executive officer must not make improper use of the executive officer’s position as an executive officer— to gain, directly or indirectly, an advantage for the executive officer or for any other person; or to cause detriment to the board or a board code of racing. (sec.40-ssec.4) This section— has effect in addition to, and not in derogation of, any law relating to the civil or criminal liability of an executive officer of the board; and does not prevent the starting of a civil or criminal proceeding in respect of civil or criminal liability. - (a) to gain, directly or indirectly, an advantage for the executive officer or for any other person; or - (b) to cause detriment to the board or a board code of racing. - (a) to gain, directly or indirectly, an advantage for the executive officer or for any other person; or - (b) to cause detriment to the board or a board code of racing. - (a) has effect in addition to, and not in derogation of, any law relating to the civil or criminal liability of an executive officer of the board; and - (b) does not prevent the starting of a civil or criminal proceeding in respect of civil or criminal liability.