Corporations Act 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.5 - THE COMPLIANCE COMMITTEE  

SECTION 601JF   WHEN CAN RESPONSIBLE ENTITY INDEMNIFY COMPLIANCE COMMITTEE MEMBERS?  

601JF(1)   [ Prohibition]  

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.

601JF(2)   [ Certain provisions void]  

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.

601JF(3)   [ Liability to another]  

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.

601JF(4)   [ Costs and expenses]  

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.

601JF(5)   [ ``indemnify'']  

In this section:

indemnify
includes indemnify indirectly through one or more interposed entities.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.