Commonwealth Numbered Acts

CORPORATIONS ACT 1989 No. 109 of 1989 - SECT 241

241. (1) Any provisions, whether contained in the articles or in a contract
with a company or otherwise, for exempting any officer or auditor of the
company from, or indemnifying such an officer or auditor against, any
liability that by law would otherwise attach to the officer or auditor in
respect of any negligence, default, breach of duty or breach of trust of which
the officer or auditor may be guilty in relation to the company is void.

(2) Notwithstanding anything in this section, a company may, pursuant to its
articles or otherwise, indemnify an officer or auditor against any liability
incurred by the officer or auditor:

   (a)  in defending any proceedings, whether civil or criminal, in which
        judgment is given in favour of the officer or auditor or in which the
        officer or auditor is acquitted; or

   (b)  in connection with any application in relation to any such proceedings
        in which relief is granted under this Act to the officer or auditor by
        the Court.

(3) Subsection (1) does not apply in relation to a contract of insurance,
other than a contract of insurance the premiums in respect of which are paid
by the company or by a related body corporate.

(4) In this section:

"officer", in relation to a company, means:

   (a)  a director, secretary, executive officer or employee of the company;

   (b)  a receiver, or receiver and manager, of property of the company;

   (c)  an official manager or deputy official manager of the company;

   (d)  a liquidator of the company; and

   (e)  a trustee or other person administering a compromise or arrangement
        made between the company and another person or other persons.