CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 2B - BASIC FEATURES OF A COMPANY
History
Chapter 2B inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
PART 2B.3 - CONTRACTS BEFORE REGISTRATION
History
Part 2B.3 inserted by No 61 of 1998, Sch 1 (effective 1 July 1998).
SECTION 132
PERSON MAY BE RELEASED FROM LIABILITY BUT IS NOT ENTITLED TO INDEMNITY
132(1)
[Release]
A party to the pre-registration contract may release the person from all or part of their liability under section 131 to the party by signing a release.
132(2)
[Indemnity]
Despite any rule of law or equity, the person does not have any right of indemnity against the company in respect of the person's liability under this Part. This is so even if the person was acting, or purporting to act, as trustee for the company.
History
S 132 substituted by No 61 of 1998, Sch 1 (effective 1 July 1998).
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