PART 2D.2 - RESTRICTIONS ON INDEMNITIES, INSURANCE AND TERMINATION PAYMENTS
Division 1 - Indemnities and insurance for officers and auditors
SECTION 199BINSURANCE PREMIUMS FOR CERTAIN LIABILITIES OF DIRECTOR, SECRETARY, OTHER OFFICER OR AUDITOR
A company or a related body corporate must not pay, or agree to pay, a premium for a contract insuring a person who is or has been an officer or auditor of the company against a liability (other than one for legal costs) arising out of:
(a) conduct involving a wilful breach of duty in relation to the company; or
(b) a contravention of section 182 or 183.
This section applies to a premium whether it is paid directly or through an interposed entity.