Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:5_27n
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 5 cl 27N
Character Range: 646381–647097

27N  Insurance for certain liabilities of officers

 (1) Except as provided in subsection (2), a Commonwealth authority may insure a person who is or has been an officer against liabilities incurred by the person as an officer.

 (2) A Commonwealth authority, or a subsidiary of a Commonwealth authority, must not pay, or agree to pay, a premium for a contract insuring a person who is, or has been, an officer of the authority against a liability (other than one for legal costs) arising out of:
 (a) conduct involving a wilful breach of duty in relation to the authority; or
 (b) a contravention of section 24 or 25.
This section applies to a premium whether it is paid directly or through an interposed entity.