New Zealand Acts

CREDIT CONTRACTS AND CONSUMER FINANCE ACT 2003 - SECT 107D

107D Restriction on indemnities

1 A body corporate must not indemnify any director, employee, or agent, or former director, employee, or agent, of the body corporate or of any related body corporate (
"person A" ) in respect of—

a) any pecuniary penalty imposed on person A under this Act; or

b) any costs incurred by person A in defending any civil proceedings in which the pecuniary penalty referred to in paragraph (a) is imposed.

2 An indemnity given in contravention of subsection (1) is void.

3 In this section and section 107E ,
"indemnify" includes relieve or excuse from liability, whether before or after the liability arises, and
"indemnity" has a corresponding meaning.

Note: 1986 No 5 s 80A

History: Section 107D: inserted, on 20 December 2019, by section 43 of the Credit Contracts Legislation Amendment Act 2019 (2019 No 81).