Yes, under proposed section 16 of the interim operations act, the directors owe their duty of loyalty to the corporation and have to act in the “best interests of the Corporation”. While the act does not have complex procedures for dealing with a conflict of interest, it's true that under proposed section 16 the directors do have a duty to act only in the corporation's interest. They cannot act in a different conflicting interest. So the duty exists; the complex procedures to deal with that duty are not present in the bill.
On November 3rd, 2011. See this statement in context.