130Compensation for loss etc.

##### 130 Compensation for loss etc. (1) Where: (a) a person who is in possession of any such information as is mentioned in subsection 128(1) or (2) in respect of any securities deals in those securities in contravention of subsection 128(1), (2) or (3) or causes or procures another person to deal in those securities in contravention of subsection 128(4); or (b) a person being a body corporate deals in securities in contravention of subsection 128(6) at a time when an officer of the body corporate was in possession of any such information as is mentioned in subsection 128(1) or (2); that person is liable (whether he has been convicted of an offence in respect of the contravention or not): (c) to compensate any other party to the transaction who was not in possession of that information for any loss sustained by that party by reason of any difference between the price at which the securities were dealt in in that transaction and the price at which they would have been likely to have been dealt in in such a transaction at the time when the first‑mentioned transaction took place if that information had been generally available; and (d) to account to the body corporate that issued or made available those securities for any profit accruing to the first‑mentioned person from dealing in those securities. (2) A person who contravenes section 123, 124, 125, 126 or 127 (whether he has been convicted of an offence in respect of the contravention or not) is liable to pay compensation to any other person who, in a transaction for the sale or purchase of securities entered into with the first‑mentioned person or with a person acting for or on behalf of the first‑mentioned person, suffers loss by reason of the difference between the price at which the securities were dealt in in that transaction and the price at which they would have been likely to have been dealt in in such a transaction at the time when the first‑mentioned transaction took place if the contravention had not occurred. (3) The amount of compensation for which a person is liable under subsection (1) or (2) or the amount of the profit for which a person is liable to account under subsection (1) is: (a) in a case to which paragraph (b) does not apply—the amount of the loss sustained by the person claiming the compensation or the amount of the profit referred to in paragraph (1)(d), as the case may be; or (b) if the first‑mentioned person has been found by a court to be liable, or has been ordered by a court, to pay an amount or amounts to any other person or persons under this Part or under subsection 229(6) of the Companies Act 1981 or under a corresponding provision of a previous law of the Territory by reason of the same act or transaction—the amount of that loss or profit less the amount or the sum of the amounts that the first‑mentioned person has been so found to be liable, or has been so ordered, to pay. (4) For the purposes of subsection (3), the onus of proving that the liability of a person to pay an amount to another person arose from the same act or transaction from which another liability arose lies on the person liable to pay the amount. (5) An action under this section for recovery of a loss or profit shall not be commenced after the expiration of 2 years after the date of completion of the transaction in which the loss or profit occurred. (6) The Commission may, if the Commission considers it to be in the public interest to do so, bring an action in the name of and for the benefit of the body corporate or other person for recovery of a loss or profit referred to in subsection (1) or (2). (7) Nothing in subsection (1) or (2) affects any liability that a person may incur under any other law. (8) For the purposes of paragraph (1)(b), officer, in relation to a body corporate, includes: (a) a director, secretary, executive officer or employee of the body corporate; (b) a receiver, or a receiver and manager, of the property or any part of the property of the body corporate; (c) an official manager or a deputy official manager of the body corporate; (d) a liquidator of the body corporate; and (e) a trustee or other person administering a compromise or arrangement made between the body corporate and another person or other persons.