Document:

EXHIBIT
4.28

 

Non-executive
director appointment letter – Mr G Malcolm Williamson

 

 

	
   

  	
  National
  Australia

  
	
   

  	
  Bank Limited

  
	
   

  	
  ABN 12 004
  044 937

  
	
  

  
	
   

  
	
   

  
	
  Mr Malcolm
  Williamson

  2 Cumberland Place

  London

  NW1 4NA

  UNITED KINGDOM

  
	
   

  
	
   

  
	
   

  	
  6 August
  2004

  

 

Dear Malcolm,

 

Letter of
Appointment

 

I am delighted that you
have accepted my invitation to you to join:

 

•      the Principal Board of the National and the Board of National
Equities Limited, (National Equities Limited has an identical board to National
Australia Bank Limited and is the holding company of the National’s
international subsidiaries); and

 

•      the boards of three of the National’s main subsidiary companies in
Europe, National Australia Group Europe Limited, Clydesdale Bank PLC and
Yorkshire Bank PLC.  You are also asked
to accept the appointment of Chairman of these European companies.

 

As part of
these appointments, you have also kindly agreed to be:

 

•      a member of the Nominations Committee of the Principal Board; and

 

•      Chairman of the European Board Risk Committee.

 

Each
appointment is subject to receipt of the necessary regulatory approvals and to
receipt of your consent to act as a director. 
In this respect, the following documents are enclosed for completion and
/ or signature: -

 

•      Consent to Act and Disclosures on Appointment (for all of your
appointments);

 

•      Consumer Credit Act Declaration (in respect of Clydesdale Bank PLC
and Yorkshire Bank PLC only);

 

•      Financial Services Authority Form A – Application to Perform
Controlled Functions under the Approved Persons regime including background
information on FSA Approved Persons regime (also only in respect of Clydesdale
Bank PLC and Yorkshire Bank PLC);

 

•      Director’s Deed of Access, Indemnity and Insurance (in duplicate);

 

•      Authority to undertake Credit Reference Search;

 

 

A member of the National group of companies

 

 

•      Non-Executive Directors’ Share Plan – Application Form, Share
Preference Form and Explanatory Booklet;

 

•      Form of Consent to obtain Personal Information; and

 

•      Election under section 431 Income Tax (Earnings and Pensions) Act
2003 (together with explanatory note).

 

The terms and
conditions of your appointment are set out in the Appendix to this letter.  By consenting to act as a Director of each of
these companies, you are agreeing to these terms and conditions.

 

These
terms and conditions should be read in conjunction with, and are subject to,
the memorandum and articles of association of each company (the constitution in
the case of the National), and the charters and policies approved from time to
time by the board of each company or otherwise produced by or under the
direction of the Principal Board of the National and intended to have effect
for any of the other companies.  A file
of the current versions of these documents and certain other relevant
information will be provided to you separately.

 

I hope that
you will accept these appointments.  If
you have any immediate queries on this letter, please do not hesitate to
contact me on + 613 8641 3754.

 

Kind regards

 

	
  Yours sincerely

  
	
   

  
	
   

  
	
  [Original signed]

  	
   

  
	
   

  
	
  Graham J Kraehe

  
	
   

  
	
  Chairman

  

 

 

I
acknowledge that I have read, understood and accepted the contents of this
letter and its Appendix.

 

	
  Date:

  	
   

  	
  15th August 2004

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signed:

  	
   

  	
  [Original signed]

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
  G.M.WILLIAMSON

  	
   

  

 

 

APPENDIX

 

Appointment
of Non-Executive Director - Terms and Conditions

 

1.     Definitions

 

Articles
of Association or Articles: shall
mean as the context requires the Constitution of the National and the articles
of association of each UK Company.  (The
articles of association of each of the UK Companies are, broadly, in identical
form)

 

Board:
shall mean a board of any of the Companies

 

Companies: shall mean National Australia Bank Limited, National Equities
Limited and the UK Companies (and “Company” shall
mean any one of them)

 

Group: shall mean the National and its subsidiaries

 

UK
Companies: shall mean together National
Australia Group Europe Limited, Clydesdale Bank Plc and Yorkshire Bank Plc

 

National
or Parent Company: shall
mean National Australia Bank Limited

 

Principal
Board: shall mean the board of the Parent
Company

 

Relevant
Statutes: shall mean the Australian
Corporations Act 2001 (Cwlth) and/or the United Kingdom Companies Act 1985, and
any other relevant legislation in Australia (in relation to the Parent Company)
and the United Kingdom (in relation to the UK Companies).

 

2.     Qualifications

 

To qualify for the office of Director for each Company
you must be eligible to be appointed under its Articles of Association, not be
disqualified under any of the Relevant Statutes from acting as a director of a
company and must otherwise be permitted under the Relevant Statutes to act as a
director of a company.

 

In particular,
in relation to the Parent Company, you must hold at least 2,000 fully paid
shares in the National in your own right within two months after your
appointment.

 

3.     Appointment
and Term

 

In relation to the National, you hold office until the
first annual general meeting of the National held after the date of your
appointment.  You are eligible for
re-election to the position of director by resolution of the National at that
annual general meeting. [National’s Articles 10.12
and 10.13]

 

 

Once you have been elected to the office of director
by resolution of the National in general meeting, you will be subject to the
rotation of Directors provided for in National’s Articles 10.3 to 10.7.  Broadly, these Articles provide that at each
annual general meeting one-third of the Directors for the time being and any
other director not in such one-third who has held office for three years or
more must retire from office and is eligible for re-election.  Please refer to clause 13 of this letter –
Performance evaluation, concerning the process undertaken by the Board to
determine if the Board will recommend to shareholders that a Director be
re-elected to office.

 

The National may remove a director from office as a
director at any time by a resolution passed at a general meeting.  [National’s  Articles 10.3-10.7 and 10.14]

 

The Principal
Board has set a limit of 15 years for individual service as a Director,
applicable to Directors appointed after 1995, subject to the Director’s age at
the time of appointment (please refer below). 
The Principal Board regards this as an appropriate period of
service.  Directors who have served on
the Board for an extended period of time have gained valuable experiences,
insights and historical perspectives regarding the National that would not be
easily replaced.  [Clause 7.5
of the Board Charter of the National]

 

The National’s
constitution provides that a Director’s office will be vacated upon him
reaching the age of 70.  The Articles of
the UK companies have similar provisions with a specified age of 72, although
it is anticipated that later this year this age will also be set back to the
previous age of 70 years.

 

You agree that you will
cease to be a Director of NEL is for any reason you cease to be a Director of
the National.

 

The Articles
of Association of the UK Companies provide that a Director may be appointed,
with the approval of the Parent Company, for a period of three years and that
Directors may be re-appointed after that period with the approval of the Parent
Company.  Your appointment by the UK
Companies will be for an initial term of three years commencing on the date of
your appointment unless terminated earlier by either party upon the giving of 3
months notice in writing.

 

Although the letter of appointment including this
Appendix is in relation to an appointment to the boards of all of the
Companies, each appointment is made on a separate basis and the termination of
appointment of one Directorship shall not of itself lead to termination of any
other appointment.

 

4.     Vacation of
office

 

Your
position becomes vacant if any of the circumstances prescribed under the
Relevant Statutes or the Articles of Association arises.

 

In
relation to the National, your position becomes vacant if any of the
circumstances prescribed under the Corporations Act
2001 (Cwlth) or the National’s Constitution, arise, including the following:

 

•              you are disqualified from managing corporations;  [s203B Corporations Act
and Part 2D.6]

 

•              you resign from office or refuse to act; [Article 10.28 (b)]

 

 

•              you are removed from office by resolution passed at a
general meeting of the National; [Article 10.28(c)]

 

•              you are not present personally or by an alternate
director or proxy at meetings for a continuous period of two months without a
leave of absence from the Board; or [Article 10.28(d)]

 

•              you accept or hold any office in another bank without
the consent of the Board. [Article 10.28(f)]

 

Article 10.28 of the National’s Constitution contains
a list of circumstances that, in addition to those prescribed by the
Corporations Act, will result in the office of a director becoming vacant.

 

Article 12.1 of the Articles of Association of the UK
Companies contain similar provisions.

 

5.     Relationship
with the Companies

 

Once appointed, you hold office as a Director of each
Company.  You are not appointed or
designated as an employee of the Company nor are you an Executive Director
within the meaning of the Articles of Association.

 

6.     Expectations

 

The Companies’ expectations of you as a Director are
listed in the following sections.  In
many cases, you are obliged to meet these expectations because of your legal
duties to each Company.  You are
encouraged to seek independent legal advice to assist you in the performance of
these duties.

 

7.     Time
commitment

 

You must contribute sufficient time to your
Directorships to enable you effectively to fulfil your duties to the
Companies.  The National expects you to
spend a minimum of 30 business days per annum on the business of the Principal
Board and NEL exclusive of preparation and travel time.  You are also expected to spend additional
time to the extent that you are a member of any board committees.

 

While most Board and Board committee meetings of the
National and NEL are held in Melbourne, the Board does visit and hold meetings
at interstate and international venues from time to time.  It is anticipated that you will attend the
majority of National board meetings in person in Melbourne and also attend some
meetings from London via video conference link during the UK nights.  The actual number of board meetings attended
in person in Melbourne will be a number agreed between yourself and the
Chairman of the National.

 

The UK Companies expect you to spend a minimum of 30
business days per annum on their business, exclusive of preparation and travel
time.  Additional time commitment will be
required from you in relation to other committee memberships of those companies
or any other roles which you agree should be assigned to you.

 

 

You should inform each Board of any change in
circumstances that could affect your ability to commit time to the position as
director of that Company.

 

8.     Board
Meetings

 

Board meetings of the National are scheduled over two
days, ten times a year.  It is necessary
from time to time to convene unscheduled meetings.  The National endeavours to keep such meetings
to a minimum, however, a director may convene additional Board meetings at any
time. [National Article 12.2]

 

Each UK company generally holds 6 board meetings a
year but additional meetings may occasionally be required.

 

You are expected to:

 

•              attend Board meetings and
ensure that you have fully read all papers relating to agenda items;

 

•              apply your independent mind to
the matters before you and bring your own special skills and experience to your
position;

 

•              raise questions and make
enquiries when you need more information;

 

•              make sure that any of the
Board’s delegates are qualified, reliable and competent to carry out the duties
given to them; and

 

•              make sure that you have been
provided with accurate, relevant and timely information to reach any decision
that will affect the Company.  You should
not make a decision, and you may refuse to consider any matter, until
appropriate information has been provided to you.

 

9.     Board
committees and subsidiaries

 

Currently there are four standing committees of the
Principal Board: the Audit Committee, Risk Committee, Compensation Committee
and the Nomination Committee.  The Board
may, from time to time, convene other Board committees.

 

You are expected to serve on the Nomination Committee,
and may be asked to serve on other Principal Board committees in accordance
with the written charters of those committees.

 

You also agree to serve as Chairman of the Group’s
European Board Risk Committee.

 

You may also be asked to serve on other board
committees of any of the UK Companies in accordance with the written charters
of those committees.  Charters for all
Board committees are approved by the appropriate Boards.

 

10.  Independence

 

Non-executive Directors are appointed on the basis
that they remain independent of management and free from any business or other
relationship that could materially

 

 

interfere with, or could reasonably be perceived to
materially interfere with, the exercise of their unfettered and independent
judgment.

 

The Principal Board has approved the definition of ‘independence’.  A copy of which will be supplied separately.

 

Prior to your appointment as a Director, you should
disclose to the Board any information relevant to assessing your compliance
with the definition of independence.

 

Each Board regularly reviews director
independence.  Following your
appointment, you should immediately report to the Board any change in your
relationship or the relationship of your associates with each Company, or with
its management team, which could affect your independence.

 

11.  Insider trading
policy and Code of Conduct

 

Directors are expected to comply with the corporate
policies approved from time to time by the Principal Board.  Those relevant to you will be supplied
separately.

 

In particular your attention is drawn to the insider trading
policy which restricts dealings in National securities by Directors as well as
other officers and employees of the National. 
Directors may only deal in such securities in the eight-week periods
immediately following either the release of the full and half year profit
announcements (currently made in May and November) or following the release of
a qualifying prospects if, at those times, they are not aware of any price
sensitive information.  Further, under the
insider trading policy, Directors must not deal in National securities for
short term gain and therefore dealing in the same National securities within a
12 month period is prohibited.  Directors
must also discuss their intention to deal in National securities with the
Chairman before effecting any such dealings.

 

12.  Confidentiality

 

You are
expected to maintain the confidentiality of all materials and information you
obtain in connection with your position both during your appointment and
following termination (by whatever means). 
You are also expected to ensure that your representatives maintain the
confidentiality of such materials and information.  Where requested by any of the Companies, you
also agree on termination to return any recorded confidential information (in
whatever form held).

 

13.  Performance
evaluation

 

The Board regularly conducts an assessment of its
effectiveness using an external facilitator. 
This review may include an assessment of individual Director
performance.

 

In addition, in advance of you being presented to
shareholders for re-election in accordance with the retirement by rotation
provisions in the National’s Constitution, a peer review process will be
undertaken.  That is, the Principal Board
(in your absence) will consider whether it will make a recommendation to
shareholders in support of your re-election as a Director of the National.

 

 

The Nomination Committee will oversee the
implementation of this process.

 

Other arrangements shall apply in relation to the UK
Companies, as determined by the boards of those Companies from time to time.

 

14.  Duties and powers

 

14.1 Duties

 

At the most
general level, your role is to oversee management on behalf of each Company, to
monitor each Company’s business results and to set goals and formulate
strategy.  In performing this role, you
are subject to a number of legal duties to the Companies.

 

A detailed
explanation of your duties as a Director of the National is provided in the
Guide entitled “The Role, Duties, Responsibilities and Rights of the Directors
of Category A Company”.  A copy of which
will be supplied separately.

 

A detailed
explanation of your duties as a Director of the UK Companies is provided in the
Guide entitled “The Role, Duties, Responsibilities and Rights of the Directors
of Category B Company (UK version)”.  A
copy of which will be supplied separately.

 

14.2 Disclosure of conflicts and material personal
interests

 

If a conflict of interest arises in relation to a matter that will be
considered by a Board, you must give the other Directors notice of the conflict,
and, if the conflict is a “material (personal) interest” in the matter, you
must not be present while the matter is being considered at a Board meeting or
vote on the matter.

 

Further guidance in relation to conflicts and material personal interests
is given in the Guides referred to above.

 

14.3 Powers

 

The Board has the power to exercise all of the powers
of each Company, other than the powers which the Articles of Association and
the Relevant Statutes require to be exercised by the Company in general
meeting.

 

Decisions of the Board are decided by a majority of
votes of Directors present and entitled to vote.  Each Director has one vote.

 

14.4 Appointment of alternate director

 

If you will be absent from a Board meeting, you may
appoint an alternate to attend the meeting in your place in accordance with the
relevant Articles of Association, including the approval of the Parent Company.

 

 

15.  Remuneration
and Expenses

 

15.1 Remuneration

 

In consideration of the provision of your services as
a Director of each of the Companies, you shall be paid an annual fee monthly in
cash in arrears by each Company.  These
fees shall initially be set as follows and shall be subject to annual review: -

 

	
  Relevant
  Company/position

  	
   

  	
  Annual Fee (£)

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  National Australia Bank Limited (and National
  Equities Limited)

  	
   

  	
  55,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  National Australia Group Europe Limited

  	
   

  	
  55,575

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Clydesdale Bank Plc

  	
   

  	
  45,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Yorkshire Bank Plc

  	
   

  	
  45,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Chairman, European Board Risk Committee

  	
   

  	
  9,425

  	
   

  

 

No additional fees shall be payable for membership of
any board committees, subsidiary directorships or for the assumption of any
other role or work for the Group unless approved by the Compensation Committee
of the Principal Board.

 

Part of the fees payable in relation to National
Australia Bank Limited will be satisfied by superannuation and shares in the
National.  It is a requirement of
legislation applicable to the National that part of the fees are payable by way
of superannuation and this element will be the minimum required under that
legislation from time to time.  The
element represented by shares shall be the minimum determined by the
shareholders of the National from time to time, which is currently 10%.  The actual number of shares will be those
which could otherwise be purchased by you with the net amount of 10% of your
fees following the payment of any relevant income, national insurance or any
other income or payroll-related taxes.

 

Subject to applicable law, financial services may also
be provided by the National to Directors under terms and conditions that would
normally apply to the public. [Clause 13.5 of Board
Charter]

 

Your appointments do not entitle you to participate in
schemes designed to (1) remunerate executives or to receive options,
performance rights, bonuses or other types of performance based remuneration;
or (2) provide retirement benefits, other than the superannuation referred to
above.

 

 

15.2
Expenses

 

You are entitled to be reimbursed out of the funds of
each Company such reasonable travelling, accommodation and other expenses as
you may incur when travelling to or from Board meetings or Board committee
meetings or when you are otherwise engaged in the business of the relevant
Company.  The National’s policy is that
no more than two Directors should travel by air together at any time.

 

You will be provided with an office, other equipment
and secretarial and IT assistance as reasonably required for the performance of
your duties.

 

15.3 Insurance and indemnity

 

You have the benefit of the indemnity provided to you
in the Articles of Association. This indemnity is broad, however, it does not
provide protection if the National is prohibited from indemnifying you, for
example, where liability is owed to the National. [National’s
Article  21.1]

 

Similar provisions are contained in the Articles of
Association of the UK Companies.

 

On your appointment to the Principal Board, you will
be asked to enter into a Deed of Access, Indemnity and Insurance which mirrors
the protection afforded to you under the National’s Constitution.  That deed also includes an undertaking by the
National to effect and maintain an appropriate Directors’ and Officers’
insurance policy.

 

You may also be protected under the National’s D&O
insurance policy.

 

Details of the indemnity and the National’s D&O
insurance policy are provided in the Guides referred to above.

 

It is important that, if you become aware of any
matter that may give rise to an actual or potential claim, or of any
circumstances that may lead to such a claim, you contact Global Operational
Risk, Insurance & Compliance (Melbourne), as soon as practicable.

 

16.  Induction and
training

 

16.1
Induction

 

(A) The
following applies in relation to your appointment to the Principal Board:

 

The National’s induction program for non-executive
Directors is designed to assist them to participate fully and actively in Board
decision-making from the date of appointment.

 

The program enables appointees to gain an
understanding of:

 

•              the National’s financial,
strategic, operational and risk management position;

 

•              Directors’ rights, duties and
responsibilities; and

 

 

•              the role of Board committees.

 

The Nominations Committee will review the
effectiveness of the induction program from time to time.  As a new appointee, you are required to
participate in this program.

 

(B)           Details of your induction program for the UK Companies
will be provided to you shortly.

 

16.2 Continuing education

 

The National group is committed to providing its Directors with
opportunities to update and enhance their skills and knowledge.  Directors are regularly provided with updates
from management and external advisers about key developments in the company and
the banking industry.

 

Directors are also entitled to attend external seminars, workshops and
other training programmes that are relevant to their Directorship.  The Companies will reimburse a Director for
any reasonable costs of such additional training.

 

17.  Access to
information

 

17.1 Access to financial records and company
books

 

Under the Relevant Statutes, a Director has certain rights of access to
a company’s books and records.  If you
require any access then please contact the relevant Secretariat.

 

17.2 Access to the Company Secretary

 

The Company Secretary of each company is responsible for ensuring that
Directors have sufficient information to make decisions at meetings of that
company’s Board.

 

Directors have direct access to, and are entitled to request additional
advice, guidance, assistance and information from, the Secretariat in Australia
(in respect of the National) and the United Kingdom (in respect of the UK
companies).

 

 

17.3 Authority to appoint independent
professional advisers

 

Directors are entitled to seek independent professional advice in
relation to their duties and powers as Directors of the Companies.  Each Company will reimburse its Directors for
all reasonable expenses incurred in obtaining such advice, provided that all
expenses have been approved by the Chairman of the Principal Board (in the case
of all of the Companies) and, where appropriate, a copy of the advice is made
available to the relevant Board.

 

18.
Further guidance and information

 

If you have any further queries about any of your appointments, please
contact a member of the relevant Secretariat.EXHIBIT
4.29

 

Deed of access, indemnity and
insurance – Mr John M Stewart

 

 

Deed of Access,
Indemnity and Insurance

 

Date:                                                                                                                                                        10
August 2004

 

Parties:                                                                                                                                         NATIONAL
AUSTRALIA BANK LIMITED (ACN 004 044 937) having its registered office at
Level 24, 500 Bourke Street, Melbourne, Victoria, Australia (“Company”)

 

JOHN
MORRISON STEWART of Level 35, 500 Bourke Street, Melbourne,
Victoria, Australia (“Director”)

 

Recitals:

A.                                    The
Director has been appointed as a director of the Company.

 

B.                                      It
is a condition of the Director agreeing to continue to act as a director of the
Company that the Company allow the Director access to Board Paper Records,
indemnify the Director and maintain insurance on the terms of this Deed.

 

Operative provisions:

 

1                                          Definitions

 

1.1                                  In
this Deed:

 

Board Papers means:

 

(a)            all communications in
writing or Documents provided from or on behalf of the Company or its related
body corporates to the Director during the Director’s Term including, without
limitation, board papers, submissions, minutes, letters, memoranda, board
committee or sub-committee papers whether for the purposes of board meetings,
meetings of committees or otherwise; and

 

(b)            all other Documents made
available to the Director or referred to in any of the abovementioned
Documents,

 

whether or not legal professional privilege
applies to such documents.

 

Board Paper Premises has the meaning given to that term in clause 2.1.

 

Board Paper Records means the Board Papers stored in paper form or such other form as
will permit ready access to, and reproduction of, such Board Papers by the
Director.

 

Claim means:

 

(a)                                     any writ, summons, cross-claim, counterclaim, application or other
originating legal or arbitral process against the Director as a director of the
Company or a related body corporate of the Company;

 

 

(b)                                   any
hearing, complaint, enquiry, investigation or proceeding however commenced or
originating against the Director as a director of the Company or a related body
corporate of the Company; or

 

(c)                                   any
written or oral demand or threat that might result in the Director reasonably
believing that any such writ, summons, cross-claim, counterclaim, application,
other originating legal or arbitral process, hearing, complaint, enquiry,
investigation or proceeding referred to in (a) or (b) above may be initiated.

 

Director’s Term means the period commencing on the earlier of the first day the
Director consents to act as a director of the Company and the first day the
Director begins to act as a Director of the Company and ends on the later of
the day on which the Director retires or resigns as a director of the Company
and the day on which the Director ceases to act as a director of the Company.

 

Document means any information in any form (whether visible or not) of
storage from which the information can be reproduced and any form in which
information is embodied or encoded and includes:

 

(a)                                   anything
on which there is writing;

 

(b)                                  a
map, plan, drawing or photograph; or

 

(c)                                   any
material used in a presentation to Directors.

 

Insurance Policy means an insurance policy or policies insuring against the
following liabilities incurred by the Director in the Director’s capacity as an
officer of the Company or a related body corporate of the Company:

 

(a)                                    a
liability for costs and expenses incurred by the Director in defending
proceedings, whether civil or criminal and whatever their outcome; and

 

(b)                                   a
liability incurred by the person as a director unless liability arises out of
conduct involving:

 

(i)             a wilful breach of duty in relation to the Company or related body
corporate; or

 

(ii)            without
limiting (i), a contravention of section 182 or 183 of the Corporations
Law,

 

or, with the prior written consent of the
Director, such other liability as may be permitted under the Company’s
Constitution from time to time.

 

Period means the period commencing on the earlier of the first day the
Director consents to act as a director of the Company and the first day the
Director begins to act as a Director of the Company and ends on the day seven
years from the later of the day on which the Director retires or resigns as a
director of the Company

 

 

and the day on which the Director ceases to
act as a director of the Company.

 

related body corporate has the meaning given to it by section 50 of the Corporations Law.

 

1.2           In this Deed unless the
contrary intention appears:

 

(a)            a reference to this Deed or another instrument includes any variation
or replacement of either of them;

 

(b)            a reference to a statute, ordinance, code or other law includes
regulations and other instruments under it and consolidations, amendments,
re-enactments or replacements of any of them;

 

(c)            the singular includes the plural and vice versa;

 

(d)            the word person includes a natural person, firm, a body corporate, an
unincorporated association, trust, joint venture, partnership or an authority;

 

(e)            a reference to a person includes a reference to the person’s personal
representatives, executors, administrators and successors; and

 

(f)             a reference to a liability incurred “as a director of the Company”
includes a reference to a liability incurred by a person who has ceased to be a
director of the Company to the extent the liability relates to an act or
omission occurring while that person was a director.

 

1.3           This Deed enures for the
benefit of the Director’s personal representatives, executors and
administrators.

 

2                                          Access to Board Papers

 

The Company’s Undertaking

2.1                                  The
Company undertakes to ensure that throughout the Period it will:

 

(a)            hold a complete set of Board Paper Records in an orderly fashion on
behalf of the Director securely and safely at a suitable secure premises (“Board Paper Premises”);

 

(b)            promptly
notify the Director in writing upon request of the address of the Board Paper
Premises; and

 

(c)            allow the Director and the
Director’s representatives full and free access (at no cost to the Director) to
the Board Paper Records and the Board Paper Premises at all reasonable times
during the Period, including providing the information, assistance and
facilities (including photocopying facilities) that the Director reasonably
requires in order to examine and, subject to clause 2.2, make and take away
copies of the Board Paper Records or any part of them.

 

 

Director’s Undertaking

2.2                                  The
Director undertakes:

 

(a)                                    to
observe the same duties of confidentiality to the Company and any related body
corporate of the Company in relation to the Board Papers as if the Director
remained a Director of the Company except that the Director may disclose:

 

(i)             Board Papers to the
Director’s representatives on a confidential basis and for proper purposes and
provided that such representatives agree in writing with the Company to observe
the undertakings under this clause 2.2, as if they were a Director; and

 

(ii)            those
parts of the Board Papers where disclosure is required as part of court
proceedings brought against the Director by any person (including the Company
or a related body corporate of the Company) to third parties connected with
such proceedings or as otherwise required by law; and

 

(b)                                   in
respect of any Board Papers to which legal professional privilege applies in
favour of the Company or a related body corporate of the Company ensure that
unless with the consent of the Company (such consent not to be unreasonably
withheld), he or she does not waive the privilege or knowingly do any act or
thing which act or thing could cause that privilege to be waived, extinguished
or lost.

 

Extension of provisions if legal proceedings commence

2.3                                  If a
Claim is made against a Director during the Period, all of the rights and
obligations created by this clause 2 will continue to operate until final
resolution of that claim including any appeal proceedings.

 

3                                          Indemnity for liability as
Director

 

Indemnity

3.1           The Company indemnifies the
Director, to the relevant extent, against a liability (including a liability
for costs or expenses) incurred by the Director as a director to another
person, other than:

 

(a)            liability
to the Company or a related body corporate of the Company; or

 

(b)            liability arising out of conduct involving a lack of good faith,

 

or, with the prior written consent of the Director,
such other liability as may be permitted under the Company’s Constitution from
time to time.

 

3.2           The indemnity in clause 3.1
does not apply to a liability incurred before 15 April 1994.

 

 

3.3           It is not necessary for the
Director to incur expense or make payment before enforcing the Director’s right
of indemnity under this clause.

 

Costs and expenses

3.4           Without limiting clause
3.1, to the relevant extent, the Company indemnifies the Director against a
liability for costs or expenses incurred:

 

(a)                                    in
defending any proceedings relating to the Director’s position with the Company
or a related body corporate of the Company, whether civil or criminal, in which
judgment is given in the Director’s favour or in which the Director is
acquitted; or

 

(b)                                   in
connection with any application, in relation to such proceedings, in which
relief is granted to that Director under the Corporations
Law by the court.

 

Payment

3.5                                  Subject
to clause 3.9, if the Director becomes liable to pay any amount in respect of
which the Director is indemnified, the Company must indemnify the Director by
paying the Director within 30 days from the date the Director provides
satisfactory evidence to the Company that the Director is liable to pay that
amount.

 

Nature of indemnities

3.6                                  Subject
to the other provisions of this Deed, the indemnities provided by clauses 3.1
and 3.4:

 

(a)                                    have
effect in respect of acts or omissions prior to the date of this Deed and in
respect of liabilities which have been incurred prior to the date of this Deed;

 

(b)                                   are
irrevocable;

 

(c)                                    continue
irrespective of one or more previous applications of the clause; and

 

(d)                                   continue
in full force and effect without limit in point of time in relation to any act,
omission, matter or event occurring or arising while the Director is a director
of the Company, or a related body corporate of the Company, and notwithstanding
that the Director has ceased to be a director of the Company, or a related body
corporate of the Company, before any claim is made under this Deed.

 

Undertakings

3.7                                  The
Director undertakes to advise the Company in writing immediately the Director
becomes aware of any circumstances which could be reasonably expected to give
rise to a claim under this Deed.

 

3.8                                  The
Director further undertakes:

 

(a)                                    at
the direction of the Company, to take such action as the Company may reasonably
require to avoid, dispute, defend or appeal any proceeding connected with a
possible claim under this Deed;

 

 

(b)                                   to
assist the Company, any related body corporate of the Company and their
insurers to the best of the Director’s abilities in any action the Company, any
related body corporate of the Company or their insurers, takes to avoid,
dispute, defend or appeal any proceeding connected with a possible claim under
this Deed;

 

(c)                                    not
to admit any liability for or settle any proceeding which may give rise to a
claim under this Deed without the prior consent of the Company, which consent must
not be unreasonably withheld;

 

(d)                                   upon
request by the Company, to render all reasonable assistance and co-operation to
the Company, and any related body corporate of the Company or their insurers in
the conduct of any Claim, including, without limitation, providing the Company,
its related body corporates or its insurers with any Documents, authorities and
directions that the Company, its related body corporates or its insurers may
reasonably require for the prosecution or advancement of any cross-claim or
counterclaim;

 

(e)                                    upon
request by the Company or its insurers, to do everything necessary or desirable
which the Company reasonably requests to enable the Company or its insurers (so
far as it is possible) to be subrogated to and enjoy the benefits of the
Director’s rights in relation to any cross-claims or any claims against any
third party (including an insurer) and render such assistance as may be
reasonably requested by the Company or its insurers for that purpose;

 

(f)                                      to
notify any Claim to an insurer or any other person who may be liable to
indemnify the Director in respect of that Claim and promptly take all
reasonable steps to enforce all the Director’s rights against the insurer or
other person;

 

(g)                                   to
refund to the Company all amounts incurred by the Company under this Deed in
respect of a claim under this Deed if it is established that the Director is
not entitled to be indemnified under clause 3.1 in respect of that claim, such
refund to be made within 30 days of the Company providing to the Director
details of such amounts; and

 

(h)                                   if
the Company has pursuant to this Deed paid an amount for costs and expenses
incurred by a Director and judgment is not subsequently given in favour of the
Director, the Director is not subsequently acquitted or the Court does not
grant relief to the Director under the Corporations Law, pay the Company an
amount equal to the amount so paid by the Company, the payment to be made
within 30 days of the Company providing to the Director details of the amount
and payment of it by the Company.

 

Without
limiting paragraph (g), paragraph (h) does not apply to a payment made by the
Company pursuant to clause 3.1.

 

3.9                                  The
indemnity under this Deed given to a Director is in addition to any other
indemnity given by the Company to the Director whether

 

 

by agreement, under the Constitution, by
statute or otherwise, but nothing in this Deed requires the Company to pay more
than once in respect of any claim.

 

3.10                            If a Director receives payment in respect of any liability, cost or
expense from any insurer of the Director or from a person (other than the
Company) legally obliged to make that payment, the Company is not required to
indemnify the Director under this Deed in respect of that liability, cost or
expense to the extent of that payment.

 

3.11                            The Company is entitled to do one or more of the following:

 

(a)                                    assume
the conduct, negotiation or defence of a Claim;

 

(b)                                   institute
a cross-claim or a counterclaim; and

 

(c)                                    retain
lawyers in relation to a Claim to act on behalf of both the Director and the
Company,

 

and when it does so the conduct of the
claim will be under the management and control of the Company or its insurers.

 

3.12                            In this clause, “to the relevant extent” means to the extent and for
the amount that the Director:

 

(a) 
is not otherwise entitled to be indemnified;  and

 

(b) 
has not actually been so indemnified.

 

4                                          Maintenance of insurance
coverage

 

4.1                                  Without
limiting the indemnity in clause 3, the Company undertakes to ensure that
throughout the Period it:

 

(a)                                    takes
out and maintains an Insurance Policy in an amount and on terms and conditions
(including but not limited to insuring clauses, exclusions and amounts) as are
appropriate for a reasonably prudent company in the Company’s circumstances;

 

(b)                                   pays
the premium for the Insurance Policy within the credit terms of the demand for
payment and, on request from the Director, produces receipts for the payment;

 

(c)                                    does
not do or permit to be done anything which prejudices, and immediately
rectifies anything which might prejudice, the Insurance Policy;

 

(d)                                   on request from the Director, provides the Director with a copy of the Insurance Policy and any
certificates of insurance connected with it;

 

(e)                                    notifies
the Director immediately if, for any reason, the Insurance Policy is cancelled
(such notification shall not be taken to limit any other obligations of the
Company under this Deed).

 

 

4.2                                  Upon
request by the Company, a Director must take such steps as the Company may
reasonably require to enable it to take out and maintain the Insurance Policy.

 

5                                          Severability

 

5.1                                  If
any provision of this Deed is invalid or unenforceable, the invalidity or
unenforceability of that provision does not affect the validity,
enforceability, operation, construction or interpretation of any other
provision of this Deed, with the intent that the invalid or unenforceable
provision shall be treated for all purposes as severable from this Deed.

 

5.2                                  Clause
5.1 shall not be construed as permitting anything which would be contrary to
public policy.

 

6                                          Governing law and
jurisdiction

 

6.1                                  This
Deed is governed by the law in force in Victoria.

 

6.2                                  Each
party irrevocably and unconditionally submits to the non-exclusive jurisdiction
of the courts of Victoria and courts of appeal from them.

 

 

EXECUTED as a deed

 

 

	
  SIGNED, SEALED AND DELIVERED

  	
   

  	
   

  
	
  by John Morrison Stewart in
  the

  presence of:

  	
   

  	
  [SIGNED]

  
	
  [SIGNED]

  	
   

  	
   

  	
   

  
	
  Signature of witness

  	
   

  	
  JOHN
  MORRISON STEWART

  	
   

  
	
   

  	
   

  	
   

  
	
  ROSEMARY MOULD

  	
   

  	
   

  
	
  Name of witness (block letters)

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  1 STEOHEN COURT, NUNAWADING

  	
   

  	
   

  
	
  Address of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ASSISTANT

  	
   

  	
   

  
	
  Occupation of witness

  	
   

  	
   

  

 

 

	
  THE COMMON SEAL of
  NATIONAL

  	
   

  	
   

  	
   

  
	
  AUSTRALIA BANK LIMITED
  is affixed

  	
   

  	
   

  	
   

  
	
  in accordance with its constitution in the

  	
   

  	
  [SIGNED]

  	
   

  
	
  presence of:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  [SIGNED]

  	
   

  	
  Signature of authorised person

  	
   

  
	
  Signature of authorised person

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  COMPANY SECRETARY

  	
   

  	
  DIRECTOR

  	
   

  
	
  Office held

  	
   

  	
  Office held

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GARRY NOLAN

  	
   

  	
  G. J. 
  KRAEHE

  	
   

  
	
  Name of authorised person

  	
   

  	
  Name of authorised person
  (block letters)

  	
   

  
	
  (block letters)

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