V-1 - Securities Act

Section 169 Disposition versions

1977-12-31

169. Every insider of a corporation, every person employed or retained by the corporation, the auditor of the corporation or every person related or company affiliated to the insider who, in connection with a transaction relating to capital securities of the corporation, makes use of any specific confidential information for his own benefit or advantage that, if generally known, might reasonably be expected to affect materially the value of the capital securities of the corporation, is liable to compensate any person for any direct loss suffered by that person as a result of the transaction, unless the information was known or ought reasonably to have been known to that person at the time of such transaction, and is also accountable to the corporation for any direct benefit or advantage received or receivable by such insider, employed or retained person, auditor, related person or affiliated company, as the case may be, as a result of the transaction.

1973, c. 67, s. 26.