Which of the following is not a situation where the trustee is likely to have to account for any incidental profits?
A) Bela received confidential information through his position as trustee that a company was about to make a substantial profit through a merger. He decided to purchase shares in the company in his personal capacity. The day before he bought the shares, the information about the merger was leaked in the national newspapers.
B) Melanie is trustee of a trust, whose property includes a majority shareholding in Gadgets R Us Ltd. Melanie appointed herself a director of Gadgets R Us Ltd, and has been collecting a monthly fee for her services as director. There is no clause in the trust dealing with this situation.
C) Lionel is trustee of the Morgan Property Trust, which included a lease of a market garden. The lease recently ended, and the landlord would not renew the lease for the trust. Instead, Lionel took the lease himself.
D) Charlie is a trustee of a trust that included a pleasure boating business on the River Thames as part of its assets. Charlie won some money last year, and has set up a rival business offering pleasure boating in the same location at lower prices.
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