Corporations Act 2001




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:

includes indemnify indirectly through one or more interposed entities.


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