199Insurance premiums for certain liabilities of director, secretary,

199 Insurance premiums for certain liabilities of director, secretary, other officer or auditor (cf Corporations Act s 199B) (1) A co-operative or a related corporation 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 co-operative against a liability (other than one for legal costs) arising out of conduct involving a wilful breach of duty in relation to the co-operative. (2) This section applies to a premium whether it is paid directly or through an interposed entity.