POWERS OF ATTORNEY ACT 2014 - SECT 64 Conflict transactions

POWERS OF ATTORNEY ACT 2014 - SECT 64

    (1)     An attorney for financial matters under an enduring power of attorney has a duty not to enter into a transaction in that capacity if the transaction is one in which there is or may be a conflict between—

        (a)     the duty of the attorney to the principal; and

        (b)     the interests of the attorney, or a relative, business associate or close friend of the attorney.

    (2)     Subsection (1) does not apply—

        (a)     to a gift made in accordance with section 67; or

        (b)     to a transaction providing for the maintenance of a dependant of the principal made in accordance with section 68; or

        (c)     to a transaction merely because in the transaction the attorney in the attorney's own right and on behalf of the principal—

              (i)     deals with an interest in property held jointly by the attorney and the principal (whether as joint tenants or tenants in common); or

              (ii)     obtains a loan or gives a guarantee or indemnity in respect of a transaction referred to in subparagraph (i); or

              (iii)     acquires an interest in property to be held jointly by the attorney and the principal (whether as joint tenants or tenants in common), when the principal has decision making capacity for the matter; or

              (iv)     obtains a loan or gives a guarantee or indemnity in respect of a transaction referred to in subparagraph (iii), when the principal has decision making capacity for the matter.