Acts and Regulations

S-5.5 - Securities Act

Section 142
Disposition versions

Full text
Standard of care for management of investment fund
Repealed: 2008, c.22, s.41
2007, c.38, s.144; 2008, c.22, s.41
142Repealed: 2008, c.22, s.42
2007, c.38, s.145; 2008, c.22, s.42
Standard of care for management of investment fund
2007, c.38, s.144
142Every investment fund manager shall
(a) exercise the powers and discharge the duties of its office honestly, in good faith and in the best interests of the investment fund, and
(b) exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in the circumstances.
2007, c.38, s.145
Standard of care for management of mutual fund
142(1)A person responsible for the management of a mutual fund shall exercise the powers and discharge the duties of the person’s office honestly, in good faith and in the best interests of the mutual fund, and shall, in exercising such powers and discharging such duties, exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in the circumstances.
142(2)For the purposes of subsection (1), a person is responsible for the management of a mutual fund if the person has a legal power or right to control the mutual fund or if in fact the person is able to do so.