Financial Intermediaries Act 1996
sec.121Liability of, and indemnity for, officers and employees
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sec.121 Liability of, and indemnity for, officers and employees
A rule of, or contract with, a society is void if it purports to— exempt an officer or employee of the society from a liability to the society for negligence, default, breach of duty or breach of trust; or indemnify an officer or employee of the society against a liability mentioned in paragraph (a) . However, a society may indemnify an officer or employee of the society against a liability incurred by the officer or employee— in defending civil proceedings about the society’s affairs and resulting in judgment in favour of the officer or employee; or in defending criminal proceedings about the society’s affairs and resulting in the officer or employee being acquitted; or for an application in proceedings mentioned in paragraph (a) or (b) in which relief is, under this Act, granted to the officer or employee by the Supreme Court. Subsection (1) does not apply to— a contract of insurance unless the premiums are paid by the society; and compulsory professional indemnity insurance even if the premiums are paid by the society. (sec.121-ssec.1) A rule of, or contract with, a society is void if it purports to— exempt an officer or employee of the society from a liability to the society for negligence, default, breach of duty or breach of trust; or indemnify an officer or employee of the society against a liability mentioned in paragraph (a) . (sec.121-ssec.2) However, a society may indemnify an officer or employee of the society against a liability incurred by the officer or employee— in defending civil proceedings about the society’s affairs and resulting in judgment in favour of the officer or employee; or in defending criminal proceedings about the society’s affairs and resulting in the officer or employee being acquitted; or for an application in proceedings mentioned in paragraph (a) or (b) in which relief is, under this Act, granted to the officer or employee by the Supreme Court. (sec.121-ssec.3) Subsection (1) does not apply to— a contract of insurance unless the premiums are paid by the society; and compulsory professional indemnity insurance even if the premiums are paid by the society.
- (a) exempt an officer or employee of the society from a liability to the society for negligence, default, breach of duty or breach of trust; or
- (b) indemnify an officer or employee of the society against a liability mentioned in paragraph (a) .
- (a) in defending civil proceedings about the society’s affairs and resulting in judgment in favour of the officer or employee; or
- (b) in defending criminal proceedings about the society’s affairs and resulting in the officer or employee being acquitted; or
- (c) for an application in proceedings mentioned in paragraph (a) or (b) in which relief is, under this Act, granted to the officer or employee by the Supreme Court.