Corporations Act 2001
CCH Note: Section 601JG is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
A scheme ' s responsible entity or a related body corporate must not pay, or agree to pay, a premium in respect of a contract insuring a person who is or has been a member of the scheme ' s compliance committee against a liability: (a) incurred by the person as a member; and (b) arising out of conduct involving a wilful breach of a duty referred to in section 601JD .
601JG(2)
If subsection (1) is contravened, the contract is void in so far as it insures the person against the liability.
601JG(3)
Subsections (1) and (2) do not apply to a liability for costs and expenses incurred by a person in defending proceedings, whether civil or criminal and whatever their outcome.
601JG(4)
In this section:
pay includes pay indirectly through one or more interposed entities.
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