Clause 9

An officer of a company who, in any transaction to which this section applies, makes use for his own benefit or behalf, of any special confidential information which he acquired in his capacity as an officer and which, if generally known, might reasonably be expected to affect materially the value of the subject-matter of that transaction, shall be liable to any person who suffers a direct loss as a result of the transaction for the loss suffered by that person unless the information was known or ought reasonably to have been known to that person at the time of the transaction.(2) The transactions to which this section applies are transactions relating to —

shares in or debentures of any company of which the officer is an officer of any company which is deemed by virtue of section 6 to be related to the company;

interests within the meaning of section 84 of this Act issued by any such company; or

a right to acquire an option to buy or sell any such shares or debentures.(3) An action under subsection (1) of this section shall be commenced within two years after the date of completion of the transaction.(4) An officer who commits a breach of any of the provisions of this section shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding six months or to a fine not exceeding five hundred dollars or to both such imprisonment and fine.(5) The expression “officer” in this section has the same meaning as is assigned to that expression in section 132 of this Act.”.