28Payment of premiums for certain liabilities of officers

28 Payment of premiums for certain liabilities of officers

28 Payment of premiums for certain liabilities of officers

(1) A Corporation must not pay, or agree to pay, a premium in relation to a contract insuring a person who is or has been an officer of the Corporation against a liability incurred by the person as an officer and arising out of—

(a) conduct involving a wilful breach of duty in relation to the Corporation, or

(b) without limiting paragraph (a), a contravention of section 26 (3) or (4).

(2) Subsection (1) does not apply to a liability for costs and expenses incurred by a person in defending proceedings, whether civil or criminal, and whatever their outcome.

(3) An instrument is void so far as it insures a person against a liability in contravention of subsection (1).

(4) In this section—

pay includes pay indirectly through one or more interposed entities.