109. Every person referred to in section 107 shall exercise the care, prudence, diligence and skill that a reasonable person would exercise in comparable circumstances.
He shall also act honestly and in good faith in the best interests of the company and in view of the company’s objects. In so doing, he shall take into account the interests of shareholders, depositors and, where such is the case, beneficiaries.
He shall avoid placing himself in situations where his personal interest is in conflict with his obligations.