Derek Moran
Officers not bound to see to trust
32. No officer or person employed in the inscription, registration, transfer, management or redemption of any securities, or in the payment of any interest thereon, is bound to see to the execution of any trust, expressed or implied, to which such securities are subject, or is liable in any way to any person for anything so done by the officer or person so employed.
http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_90f12_e.htm