Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 Act.
(5) In this section:
"indemnify" includes indemnify indirectly through one or more interposed
entities.