Document ID: chunk:federal_register_of_legislation:C2004C01070:clause:1_199b
Version: federal_register_of_legislation:C2004C01070
Segment Type: clause
Provision Reference: sch 1 cl 199B
Character Range: 37903–38460

199B  Insurance premiums for certain liabilities of director, secretary, other officer or auditor

  A company or a related body corporate must not pay, or agree to pay, a premium for a contract insuring a person who is or has been an officer or auditor of the company against a liability (other than one for legal costs) arising out of:
 (a) conduct involving a wilful breach of duty in relation to the company; or
 (b) a contravention of section 182 or 183.
This section applies to a premium whether it is paid directly or through an interposed entity.