sec.14Insurance premiums for certain liabilities of board members [CA, s 199B ]

### sec.14 Insurance premiums for certain liabilities of board members [CA, s 199B ] A distributor-retailer must not pay, or agree to pay, a premium for a contract insuring a person who is or has been a board member of the distributor-retailer against a liability (other than one for legal costs) arising out of— conduct involving a wilful breach of duty to the distributor-retailer; or a contravention of section 8 or 9 . This section applies to a premium whether it is paid directly or through an interposed entity. (sec.14-ssec.1) A distributor-retailer must not pay, or agree to pay, a premium for a contract insuring a person who is or has been a board member of the distributor-retailer against a liability (other than one for legal costs) arising out of— conduct involving a wilful breach of duty to the distributor-retailer; or a contravention of section 8 or 9 . (sec.14-ssec.2) This section applies to a premium whether it is paid directly or through an interposed entity. - (a) conduct involving a wilful breach of duty to the distributor-retailer; or - (b) a contravention of section 8 or 9 .