Section 209 - Duties of directors in sales or purchases of securities of the company

(1) Where a director of a company, having acquired as a director of the company special information which may substantially affect the value of the shares or debentures of the company or an associated company, buys or sells those shares or debentures without disclosing that information to the seller or purchaser of the shares or debentures, the purchase or sale is voidable at the option of the seller or purchaser within twelve months after the date of the agreement to sell or buy.

(2) For the purposes of subsection (1), the shares or debentures bought or sold shall be deemed to have been bought or sold by a director if the interest of the director in the shares or debentures would normally require recording in relation to that director in the register maintained in accordance with section 210, unless it is proven that the sale or purchase was not made by that director or on the instructions or advice of that director or on the instructions or advice of any other person to whom that director had disclosed a special information affecting the value of the shares or debentures obtained by that director in the capacity as director of the company.

(3) This section does not affect the right of the company to proceed against a director for breach of sections 192 and 198.