Victorian Current Acts

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Indemnification of officers

    (1)     A body corporate (the first body ), or a body corporate related to the first body, must not indemnify a person (whether by agreement or by making a payment and whether directly or through an interposed entity) against either of the following liabilities if the person incurred them as an officer of the first body—

        (a)     a liability to pay a pecuniary penalty under section 498AD;

        (b)     legal costs incurred in defending or otherwise being a party to any proceeding in which the person is found to have such a liability.

Penalty:     30 penalty units.

    (2)     For the purposes of subsection (1)(b), the outcome of a proceeding includes any appeal in relation to the proceeding.

    (3)     Anything that purports to indemnify a person against a liability is void to the extent that it contravenes this section.

    (4)     In this section—

"officer" has the same meaning as in the Corporations Act.

Pt 12A (Headings and ss 498B498ZZZT) inserted by No. 38/2018 s. 293.

Part 12A—Specialist disability accommodation

Division 1—Preliminary

S. 498B inserted by No. 38/2018 s. 293.

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