(1) A member of the Board has the same fiduciary relationship with the Authority 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) or a statutory modification or re-enactment of that Act. (2) Without limiting subsection (1), a member of the Board

(a) has a duty

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

(ii) to exercise the degree of care and diligence in the performance of the functions of that member that a person in that position would reasonably be expected to exercise in the circumstances;

(iii) to avoid making improper use of information acquired by virtue of the position of that member so as to benefit that member or to the detriment of the Authority; and

(iv) not to abuse the position of the office; and

(b) shall at all times act in the best interest of the Authority.

(3) A member of the Board who contravenes subsection (1) or (2), commits an offence and is liable on summary conviction to a fine of not less than three thousand penalty units and not more than six thousand penalty units or to a term of imprisonment of not less than five years and not more than ten years or to both.

(4) Without limiting a cause of action under subsection (3), where a member commits a breach of duty under subsection (2)

(a) that member and any other person who knowingly participated in the breach, is liable to compensate the Authority for the loss suffered as a result of the breach;

(b) that member shall account to the Authority for a profit made by that member as a result of the breach; and

(c) a contract or any other transaction entered into between that
member and the Authority, in breach of that duty may be rescinded by the Authority.

(5) This section shall apply to all specified entities.