CORPORATIONS LAW- SECT 601JG When can responsible entity pay insurance premiums for compliance committee members?

Commonwealth Repealed Acts

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This legislation has been repealed.

CORPORATIONS LAW- SECT 601JG

When can responsible entity pay insurance premiums for compliance committee members?

(1): A scheme's responsible entity or a related body corporate must not pay, or agree to pay, a premium in respect of a contract insuring a person who is or has been a member of the scheme's compliance committee against a liability:

(a): incurred by the person as a member; and
(b): arising out of conduct involving a wilful breach of a duty referred to in section 601JD.

(2): If subsection (1) is contravened, the contract is void in so far as it insures the person against the liability.
(3): Subsections (1) and (2) do not apply to a liability for costs and expenses incurred by a person in defending proceedings, whether civil or criminal and whatever their outcome.
(4): In this section:

pay includes pay indirectly through one or more interposed entities.

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