Practice question
A corporation confidentially entrusts an officer with acquiring a specified asset for its business. The officer uses that entrusted position to acquire an adverse personal interest in the matter, contrary to the fiduciary disability, and captures profits the corporation otherwise would have earned. He argues Section 30 cannot apply because he is not a director. Which is best?
- Officers are categorically excluded from all Section30 duties
- Its adverse-interest paragraph expressly reaches officers as well as directors and trustees
- Only the officer's job title matters
- Entrusted information may always be used personally
- A private purchase eliminates the duty
Legal references
- RA11232 Section30: https://lawphil.net/statutes/repacts/ra2019/ra_11232_2019.html
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