Can a former director or senior officer of a company be disqualified by fiduciary obligation from usurping for himself or directing to another business opportunity?

Canadian Aero Service v. O’Malley (supra), did not involve lawyer and client relationship but relied on one such case as authority. The respondents were formerly officers of the appellant who obtained the benefit of certain corporate opportunities after resigning. Laskin J. at p. 382 D.L.R. held that a director or senior officer is disqualified by fiduciary obligation from usurping for himself or directing to another a maturing business opportunity which his company is actively pursuing even after resignation, where the resignation may fairly be said to have been prompted or influenced by a wish to acquire the opportunity, or where it was his position with the company rather than a fresh initiative that led to the opportunity. However, these were not stated to be the only bases of liability in such circumstances. At p. 383 D.L.R., Laskin J. observed: In this, as in other branches of the law, new fact situations may require a reformulation of existing principle to maintain its vigour in the new setting.