Document ID: chunk:federal_register_of_legislation:C2018A00005:clause:1_37ka
Version: federal_register_of_legislation:C2018A00005
Segment Type: clause
Provision Reference: sch 1 cl 37KA
Character Range: 39593–40537

37KA  Indemnifying ADIs and accountable persons
 (1) A related body corporate of an ADI must not (whether by agreement or by making a payment and whether directly or through an interposed entity):
 (a) indemnify the ADI against the consequences of breaching an obligation under this Part; or
 (b) pay, or agree to pay, a premium for a contract insuring the ADI against the consequences of breaching an obligation under this Part.
 (2) An ADI, or a related body corporate of an ADI, must not (whether by agreement or by making a payment and whether directly or through an interposed entity):
 (a) indemnify a person who is or was an accountable person of the ADI against the consequences of breaching an obligation under this Part; or
 (b) pay, or agree to pay, a premium for a contract insuring such a person against the consequences of breaching an obligation under this Part.
 (3) This section does not apply to a liability for legal costs.