164Protection from liability for acts or omissions in good faith

164 Protection from liability for acts or omissions in good faith

(1) An action, suit or proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if:

(a) the person does the thing, or omits to do the thing, for the purpose of any of the following:

(i) complying with a direction or determination given under this Part by the Reserve Bank;

(ii) taking a measure, or an action, specified in such a direction or determination;

(iii) doing, or refraining from doing, anything in accordance with such a direction or determination; and

(b) it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and

(c) the person is any of the following:

(i) an officer or senior manager of the body corporate, or of a related body corporate or of a body corporate that was a related body corporate of a designated entity before a transfer of business or shares under this Part;

(ii) an employee or agent of the body corporate, or of a related body corporate or of a body corporate that was a related body corporate of a designated entity before a transfer of business or shares under this Part;

(iii) the body corporate, a related body corporate or a body corporate that was a related body corporate of a designated entity before a transfer of business or shares under this Part;

(iv) a person engaged to provide services (including advice) to the body corporate, a related body corporate, or a body corporate that was a related body corporate of a designated entity before a transfer of business or shares under this Part.

(2) For the purposes of paragraph (1)(b), treat it as reasonable for a person to do a thing, or to omit to do a thing, in order to achieve a purpose unless no reasonable person in that person’s position would do the thing, or omit to do the thing, in order to achieve that purpose.

Statutory managers

(3) An action, suit or proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person as the statutory manager of a body corporate.

Directors

(4) An action, suit or proceeding (whether criminal or civil) does not lie against a director of a body corporate in relation to anything done, or omitted to be done, in good faith by the director, to the extent that the director is acting with the written approval of the statutory manager of the body corporate or the Reserve Bank under subsection 102(2).

(5) An action, suit or proceeding (whether criminal or civil) for a contravention of: