Document ID: chunk:federal_register_of_legislation:F2022L00184:clause:1_14
Version: federal_register_of_legislation:F2022L00184
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 11983–12673

14  Trustee liability
  The governing rules of a *public ancillary fund must prohibit the fund from indemnifying the trustee, or an employee, officer or *agent of the trustee, for a loss or liability attributable to:
 (a) a deliberate act or omission known by the trustee, employee, officer or agent to be a breach of trust; or
 (b) dishonesty of the trustee, employee, officer or agent; or
 (c) gross negligence or recklessness of the trustee, employee, officer or agent.
Note: An administrative penalty under section 426‑120 in Schedule 1 to the Act cannot be reimbursed from the fund, see subsection 426‑120(4) in Schedule 1 to the Act.

Division 3—Operation of a public ancillary fund