Commonwealth Numbered Acts

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CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 1254

Body corporate precluded from dealing when officer precluded
1254. (1) Without prejudice to subsection 1253 (3), but subject to this
section, while an officer of a body corporate is precluded from dealing in a
futures contract, the body is, for the purposes of this Part, also precluded
from dealing in the futures contract.

(2) A body corporate is not, merely because of information that an officer of
the body has, precluded by subsection (1) from dealing at a particular time in
a futures contract if:

   (a)  the decision to deal in the futures contract at that time was taken on
        the body's behalf by a person other than the officer;

   (b)  the body had in operation at that time arrangements to ensure that the
        information was not communicated to that person and that no advice
        with respect to the transaction was given to that person by a person
        who had the information; and

   (c)  the information was not so communicated and no such advice was so
        given.

(3) A body corporate is not, merely because of information that an officer of
the body has, precluded by subsection (1) from dealing in a futures contract
concerning another body corporate if the information:

   (a)  was obtained by the officer in the course of performing duties as an
        officer of the first-mentioned body; and

   (b)  relates only to a proposed dealing by the first-mentioned body in
        securities of, or a futures contract concerning, the other body. 


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