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PROPERTY AND STOCK AGENTS ACT 2002 - SECT 178
Recovery of payments from directors
178 Recovery of payments from directors
(1) This section applies when the payment of an amount out of the
Compensation Fund has been made as a consequence of the act or omission of a
corporation (including the payment of any amount to an administrator of the
affairs and property of the corporation).
(2) The Secretary may recover,
jointly or severally, from any person who was a director or persons who were
directors of the corporation at the time of the relevant act or omission, the
amount of the payment as a debt in any court of competent jurisdiction.
(3)
In any proceedings for the recovery of an amount under this section, judgment
is not to be entered against a defendant who proves that the act or omission
occurred without the defendant's express or implied authority or consent.
(4)
Proceedings may be brought for the recovery of an amount under this section
whether or not the person against whom the proceedings are brought, or any
other person, has been convicted of an offence in respect of the act or
omission as a consequence of which the amount was paid.
(5) When this section
renders a person or persons liable to pay an amount as a consequence of an act
or omission of a corporation, the payment by the person or either or any of
those persons of the whole or any part of the amount does not render the
corporation liable to the person concerned in respect of the amount so paid.
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