67Insurance for certain liabilities of Board members

67 Insurance for certain liabilities of Board members

(1) Except as provided in subsection (2), the Board may insure a person who is or has been a Board member against liabilities incurred by the person as a Board member. (2) The Board must not pay, or agree to pay, a premium for a contract insuring a person who is, or has been, a Board member against a liability (other than one for legal costs) arising out of: (a) conduct involving a wilful breach of duty in relation to the Board; or (b) a contravention of section 58 or 59. This subsection applies to a premium whether it is paid directly or through an interposed entity. (3) This section does not authorise anything that would otherwise be unlawful. (4) Anything that purports to insure a person against a liability is void to the extent that it contravenes this section.