Commonwealth Numbered Acts

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CORPORATIONS ACT 2001 - SECT 199B

Insurance premiums for certain liabilities of director, secretary, other officer or auditor

A company or a related body corporate must not pay, or agree to pay, a premium for a contract insuring a person who is or has been an officer or auditor of the company against a liability (other than one for legal costs) arising out of:

(a)
conduct involving a wilful breach of duty in relation to the company; or

(b)
a contravention of section 182 or 183.

This section applies to a premium whether it is paid directly or through an interposed entity.


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