Document ID: chunk:federal_register_of_legislation:C2023C00441:section:67
Version: federal_register_of_legislation:C2023C00441
Segment Type: section
Provision Reference: s 67
Character Range: 66725–67609

67  Insurance for certain liabilities of Board members
 (1) Except as provided in subsection (2), the Board may insure a person who is or has been a Board member against liabilities incurred by the person as a Board member.
 (2) The Board must not pay, or agree to pay, a premium for a contract insuring a person who is, or has been, a Board member against a liability (other than one for legal costs) arising out of:
 (a) conduct involving a wilful breach of duty in relation to the Board; or
 (b) a contravention of section 58 or 59.
This subsection applies to a premium whether it is paid directly or through an interposed entity.
 (3) This section does not authorise anything that would otherwise be unlawful.
 (4) Anything that purports to insure a person against a liability is void to the extent that it contravenes this section.

Subdivision C—Consequences of breach of duty