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Co-Operative Societies Act 2008


77. Misuse of confidential information

A director or officer, or an associate of a director or officer, who, in connection with a transaction relating to shares of a society or a debt or obligation of a society, makes use of confidential information for the benefit or advantage of himself or an associate that, if generally known, might reasonably be expected to affect materially the value of the share or the debt obligation—

a.     is liable to compensate any person for a direct loss suffered by the person as a result of the transaction, unless the information was known or reasonably should have been known to the person at the time of the transaction; and

b.    is accountable to the society for any direct benefit or advantage received or receivable by him or his associate, as the case may be, as a result of the transaction.



Co-Operative Societies Act 2008 Back




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