Queensland Numbered Acts

LOCAL GOVERNMENT AND OTHER LEGISLATION AMENDMENT ACT 2012 No. 33 - SECT 45

After section 173—

insert—

'(1) This section applies to a person (the insider) who is, or has been, a councillor if the insider—

(a) acquired inside information as a councillor; and

(b) knows, or ought reasonably to know, that the inside information is not generally available to the public.

'(2) The insider must not cause the purchase or sale of an asset if knowledge of the inside information would be likely to influence a reasonable person in deciding whether or not to buy or sell the asset.

Maximum penalty—1000 penalty units or 2 years imprisonment.

'(3) The insider must not cause the inside information to be provided to another person the insider knows, or ought reasonably to know, may use the information in deciding whether or not to buy or sell an asset.

Maximum penalty—1000 penalty units or 2 years imprisonment.

'(4) In this section—

cause, in relation to an action, includes the following—

(a) carry out the action;

(b) instigate the action;

(c) direct, or otherwise influence, another person to carry out or instigate the action.

corporate entity means a corporation that is owned by the council.

inside information, in relation to the council, means information about any of the following—

(a) the operations or finances of the council (including any business activity of the council) or any of its corporate entities;

(b) a proposed policy of the council (including proposed changes to an existing policy);

(c) a contract entered into, or proposed to be entered into, by the council or any of its corporate entities;

(d) a tender process being conducted by or for the council or any of its corporate entities;

(e) a decision, or proposed decision, of the council or any of its committees;

(f) the exercise of a power, under a local government related law, by the council, a councillor or a council employee;

(g) the exercise of a power, under an Act, by the State, a Minister, a statutory body or an employee of the State or statutory body, that affects the council, any of its corporate entities or land or infrastructure within Brisbane;

(h) any legal or financial advice created for the council, any of its committees or any of its corporate entities.'.