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(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 without authorization;  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 subsection 2(a) or  (b) commits an offence and is liable on summary conviction to a fine of not less than two hundred and fifty penalty units and not more than five hundred 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 five hundred penalty units and not more than one thousand penalty units or to a term of imprisonment of not less than two years and not more than five years or to both.