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CORPORATIONS ACT 2001

CHAPTER 5C - MANAGED INVESTMENT SCHEMES  

PART 5C.5 - THE COMPLIANCE COMMITTEE  

SECTION 601JF  WHEN CAN RESPONSIBLE ENTITY INDEMNIFY COMPLIANCE COMMITTEE MEMBERS?  

601JF(1)  [Prohibition]  


A scheme's responsible entity or a related body corporate must not:


(a) indemnify a person who is or has been a member of the scheme's compliance committee against a liability incurred by the person as a member; or


(b) exempt the person from such a liability.

601JF(2)  [Certain provisions void]  


A provision of the scheme's constitution or a body corporate's constitution is void in so far as it provides for the responsible entity or a related body corporate to do something that subsection (1) prohibits.

601JF(3)  [Liability to another]  


Subsection (1) does not prevent a person from being indemnified against a liability to another person (other than the responsible entity or a related body corporate) unless the liability arises out of conduct involving a lack of good faith.

601JF(4)  [Costs and expenses]  


Subsection (1) does not prevent a person from being indemnified against a liability for costs and expenses incurred by them:


(a) in defending proceedings, whether civil or criminal, in which judgment is given in favour of them or in which they are acquitted; or


(b) in connection with an application, in relation to such proceedings, in which the Court grants relief to them under this Act.

601JF(5)  [``indemnify'']  


In this section:

indemnify includes indemnify indirectly through one or more interposed entities.

 



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