Australia Corporations Act 2001 (Cth)
Part 2D.1 and related: Director and officer duties – Australia Corporations Act 2001 (Cth)

Australia Corporations Act 2001 (Cth) s199A-199C: ss 199A to 199C Do not exempt or improperly indemnify or insure officers and auditors

The company and its related bodies corporate do not exempt an officer or auditor from liability to the company; do not indemnify them against liability owed to the company or a related body, pecuniary penalty or compensation orders, or third party liabilities not arising from good faith conduct; do not indemnify legal costs where the person is found liable on those grounds, convicted, loses ASIC or liquidator proceedings or is refused relief; and do not pay premiums for insurance against liability (other than legal costs) for wilful breach of duty or breach of ss 182 and 183 (strict liability offence). Any non-compliant indemnity, exemption or insurance is void to that extent (s 199C). Permitted indemnities and premiums are reported in the directors' report (s 300(8)).

Maintained by Gerard Blokdyk

Other controls in Part 2D.1 and related: Director and officer duties – Australia Corporations Act 2001 (Cth)

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