"Corporations Act 2001 s 199A officer and auditor indemnity limits"
Corporations Act 2001 (Cth) s 199A restricts companies and related bodies corporate from exempting officers or auditors from company liabilities and from indemnifying them for specified liabilities or legal costs.
This is a human-established fact, not a universal axiom. It is true within CTH as enacted by Federal Register of Legislation.
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Answer
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Corporations Act 2001 (Cth) s 199A prohibits a company or related body corporate from exempting an officer or auditor from liability to the company incurred in that capacity. It also prohibits indemnity for specified liabilities incurred as an officer or auditor, including liabilities owed to the company or related body corporate, certain penalty or compensation orders, and third-party liabilities not arising out of good-faith conduct. Separate limits apply to legal-cost indemnities, including unsuccessful defence or resistance of specified proceedings. Official source checked: Federal Register of Legislation, Corporations Act 2001 current text, s 199A. Dogfood note: Source search for s 199A did not surface a native Corporations Act s 199A row; it returned adjacent proposed Corporations topics and unrelated CCA rows.
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