South Australian Consolidated Acts South Australian Consolidated Acts6V—Duty of corporate agency executives not to have unauthorised interest
in agency or subsidiary
(1) Neither a
corporate agency executive nor an associate of a corporate agency executive
may, without the approval of the relevant Minister—
(a) have
or acquire a beneficial interest in shares in, debentures of or
managed investment schemes of the agency or any subsidiary of the agency; or
(b) have
or hold or acquire (whether alone or with another person or persons) a right
or option in respect of the acquisition or disposal of shares in, debentures
of or interests in managed investment schemes of the agency or any subsidiary
of the agency; or
(c) be a
party to, or entitled to a benefit under, a contract under which a person has
a right to call for or make delivery of shares in, debentures of or interests
in managed investment schemes of the agency or any subsidiary of the agency.
(2) A
corporate agency executive must not counsel, procure, induce or be in any way
(whether by act or omission or directly or indirectly) knowingly concerned in,
or party to, a contravention of subsection (1).
Penalty:
If an intention to deceive or defraud is proved—Division 4 fine or
division 4 imprisonment, or both.
In any other case—Division 6 fine.