Section 153: Use of company information

153. Use of company information (1) A director of a company who has information in his capacity as a director or employee of the company, being information that would not otherwise be available to him, shall not disclose that information to any person, or make use of or act on the information, except— (a) for the purposes of the company; (b) as required by law; (c) in accordance with subsection (2); or (d) in any other circumstances authorised by the constitution, or approved by the company under section 146. (2) A director of a company may, if authorised by the Board under subsection (3), make use of, or act on information or disclose information to— (a) a person whose interests the director represents; or C35 – 97 [Issue 1] Companies Act (b) a person in accordance with whose directions or instructions the director may be required or is accustomed to act in relation to the director’s powers and duties, subject to the director entering the particulars of the authorisation and the name of the person to whom it is disclosed in the interests register where it has one. (3) The Board may authorise a director to disclose, make use of, or act on information where it is satisfied that to do so is not likely to prejudice the company. (4) Any monetary gain made by a director from the use of information which a director has in his capacity as a director shall be accounted for to the company.