364DCivil penalty—indemnification of executive officers

364D  Civil penalty—indemnification of executive officers  (1) A body corporate (the first body), or a related body corporate (within the meaning of the Corporations Act 2001) of the first body, must not indemnify a person (whether by agreement or by making a payment and whether directly or through an interposed entity) against either of the following liabilities incurred by the person as an executive officer of the first body:  (a) a liability to pay a penalty under section 364B or 364C;  (b) legal costs incurred in defending or resisting proceedings (including any related appeals) in which the person is found to have such a liability.  (2) A person is liable to a civil penalty if the person contravenes subsection (1). Civil penalty: 25 penalty units.