223. Exercise of powers by member trustees.

223.     Exercise of powers by member trustees.

No rule of law that a trustee may not exercise the powers vested in him so as to give rise to a conflict between his personal interest and his duties to the beneficiaries applies to a trustee of a trust scheme1, who is also a member of the scheme, exercising the powers vested in him in any manner, merely because their exercise in that manner benefits, or may benefit, him as a member of the scheme2.