precluded (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; and
- (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.