law: Co-Operative Societies Act 2008 
  77.
  
  Misuse of confidential information
  A
  
  director or officer, or an associate of a director or officer, who, in
  
  connection with a transaction relating to shares of a society or a debt or
  
  obligation of a society, makes use of confidential information for the benefit
  
  or advantage of himself or an associate that, if generally known, might
  
  reasonably be expected to affect materially the value of the share or the debt
  
  obligation—
  a.      is liable to
  
  compensate any person for a direct loss suffered by the person as a result of
  
  the transaction, unless the information was known or reasonably should have
  
  been known to the person at the time of the transaction; and
  b.     is accountable to the
  
  society for any direct benefit or advantage received or receivable by him or
  
  his associate, as the case may be, as a result of the transaction.