123ODuty of nominee to principal

123O  Duty of nominee to principal  (1) It is the duty of a person who is the payment or correspondence nominee of another person at all times to act in the best interests of the principal.  (2) A nominee does not commit a breach of the duty imposed by subsection (1) by doing an act if, when the act is done, there are reasonable grounds for believing that it is in the best interests of the principal that the act be done.  (3) A nominee does not commit a breach of the duty imposed by subsection (1) by refraining from doing an act if, at the relevant time, there are reasonable grounds for believing that it is in the best interests of the principal that the act be not done.