CTHRepealedAct
Securities Industry Act 1980
61ENo contracting out of liability for representative’s conduct
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##### 61E No contracting out of liability for representative’s conduct
(1) For the purposes of this section, a liability of a person:
(a) in respect of conduct engaged in by another person as a representative of the first‑mentioned person; or
(b) arising under section 61C because another person has engaged in, proposed to engage in, or represented that the other person proposed to engage in, particular conduct;
is a liability of the first‑mentioned person in respect of the other person.
(2) Subject to this section, an agreement is void in so far as it purports to exclude, restrict or otherwise affect a liability of a person in respect of another person, or to provide for a person to be indemnified in respect of a liability of the person in respect of another person.
(3) Subsection (2) does not apply in relation to an agreement in so far as it:
(a) is a contract of insurance;
(b) provides for a representative of a person to indemnify the person in respect of a liability of the person in respect of the representative; or
(c) provides for a licensee from whom a person holds a proper authority to indemnify another such licensee in respect of a liability of the other licensee in respect of the person.
(4) In paragraph (3)(c):
> licensee includes a recognised licensee.
(5) A person shall not make, offer to make, or invite another person to offer to make, in relation to a liability of the first‑mentioned person in respect of a person, an agreement that is or would be void, in whole or in part, by virtue of subsection (2).