Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 601JF

(1)

A scheme's responsible entity or a related body corporate must not:

(a)

indemnify a person who is or has been a member of the scheme's compliance committee against a liability incurred by the person as a member; or

(b)

exempt the person from such a liability.

(2)

A provision of the scheme's constitution or a body corporate's constitution is void in so far as it provides for the responsible entity or a related body corporate to do something that subsection (1) prohibits.

(3)

Subsection (1) does not prevent a person from being indemnified against a liability to another person (other than the responsible entity or a related body corporate) unless the liability arises out of conduct involving a lack of good faith.

(4)

Subsection (1) does not prevent a person from being indemnified against a liability for costs and expenses incurred by them:

(a)

in defending proceedings, whether civil or criminal, in which judgment is given in favour of them or in which they are acquitted; or

(b)

in connection with an application, in relation to such proceedings, in which the Court grants relief to them under this Law.

(5)

In this section: