(1) A member of the Board has the same fiduciary relationship with the Fund and the same duty to act with loyalty and in good faith as a director of a company incorporated under the Companies Act, 1963 (Act 179).

(2) Without limiting subsection (1), a member of the Board has a duty

(a) to act honestly in the performance of the functions of the member;

(b) to exercise the degree of care and diligence in the performance of the member’s functions that a reasonable person
in that position would be expected to exercise in the circumstances of the Fund;

(c) not to use information acquired by virtue of the member’s position as a member of the Board so as to gain, directly or indirectly, a benefit for the member to the detriment of the Fund; and

(d) not to make improper use of the member’s position so as to gain, directly or indirectly, a benefit for the member or for any other person or cause loss to the Fund.

(3) A member of the Board who contravenes subsections 2(a) or (b) commits an offence and is liable on summary conviction to a fine of not less than fifty thousand penalty units and not more than one thousand penalty units and not more than one hundred thousand penalty units.

(4) A member of the Board who contravenes subsection 2(c) or (d) commits an offence and is liable on summary conviction to a fine of not less than fifty thousand penalty units and not more than one hundred thousand penalty units or to a term of imprisonment of not less than five years and not more than ten years or both.