Housing Act 2001

If, through his or her association with the Department or the Corporation, a person has knowledge of specific information relating to proposals made, or to be made, under or for the purposes of this Act in respect of the acquisition, use, development or disposal of land and that information is not generally known but, if generally known, might reasonably be expected to affect materially the market price of that land, that person contravenes this subsection if that person—

deals, directly or indirectly, in that or in any other land for the purpose of gaining a personal advantage by the use of that information, or

divulges that information for the purpose of enabling another person to gain an advantage by using that information to deal, directly or indirectly, in that or in any other land.

If, through his or her association with the Department or the Corporation, a person is in a position to influence proposals made, or to be made, under or for the purposes of this Act in respect of the acquisition, use, development or disposal of land and does influence the proposals by securing the inclusion or alteration of any matter in, or the exclusion or omission of any matter from, the proposals, that person contravenes this subsection if that person—

does so for the purpose of gaining a personal advantage, or

does so for the purpose of enabling another person to gain an advantage.

If—

a contravention of subsection (1) occurs and an advantage, referred to in that subsection, is gained from any dealing in land to which the contravention relates, or

a contravention of subsection (2) occurs and an advantage, referred to in that subsection, is gained from any dealing in land which would not have been gained if the proposals concerned had not been influenced,

If a loss referred to in subsection (3) is incurred by reason of an advantage gained from a dealing in land, the amount of the loss is the difference between the price at which the dealing was effected and—

in the case of any dealing to which subsection (1) relates, the price that, in the opinion of the court before which it is sought to recover the amount of the loss, would have been the market price of the land at the time of the dealing if the specific information used to gain that advantage had been generally known at that time, or

in any case to which subsection (2) relates, the price that, in the opinion of the court before which it is sought to recover the amount of the loss, would have been the market price of the land at the time of the dealing if the proposals concerned had not been influenced.

An action to recover a loss, referred to in subsection (3), may not be brought more than 5 years after the dealing in land in relation to which the loss was incurred.

For the purposes of this section, a person is associated with the Department or the Corporation—

if the person is employed in the Department or a member of staff of the Corporation, or

if the person is an employee of the department in which the Environmental Planning and Assessment Act 1979 is administered or a person who is a member of a committee or subcommittee established by or under the Environmental Planning and Assessment Act 1979, or

if the person is a councillor or an employee of a council, or

if the person acts or has acted as banker, Australian legal practitioner, auditor or professional adviser or in any other capacity for the Department, the Corporation, the Minister, the department in which the Environmental Planning and Assessment Act 1979 is administered or a council, or

if the person is a director, manager or secretary of a body corporate associated by virtue of paragraph (d).