1964_SECURITIES_ORDINANCE — Page 89

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CAP. 333]

Securities

[1989 Ed.

(a) any statement which is, at the time and in the light of the circumstances in which it is made, false or misleading with respect to any material fact and which he knows or has reasonable ground to believe to be false or misleading; or

(b) any statement which is, by reason of the omission of a material fact, rendered false or misleading and which he knows or has reasonable grounds for knowing is rendered false or misleading by reason of the omission of that fact.

139. Offences and penalty in relation to sections 135 to 138

Any person who contravenes any of the provisions of section 135, 136, 137, or 138 shall be guilty of an offence and shall be liable on conviction on indictment to a fine of $50,000 and to imprisonment for 2 years.

140. (Repealed 8 of 1978 s. 7)

Action in Tort

141. Liability to pay compensation

(1) A person who contravenes section 135, 136, 137, or 138 shall, in addition to any liability under section 139, be liable to pay compensation by way of damages to any person who has sustained pecuniary loss as a result of having purchased or sold securities at a price affected by the act or transaction which comprises or is the subject of the contravention.

(2) An action may be brought under subsection (1) in respect of a contravention referred to in that subsection notwithstanding that no person has been charged or convicted under section 139 in respect of the contravention.

(3) Nothing in this section limits or diminishes any liability which any person may incur under the common law.

141A. Application of this Part

PART XIIA

INSIDER DEALING

(1) This Part applies to the securities of a corporation only if they are listed on the Unified Exchange or have been listed on the Unified Exchange or on an approved stock exchange at any time within 5 years immediately preceding any dealing in relation to those securities within the meaning of section 141B(1). (Replaced 58 of 1985 s. 85)

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