"Corporations Act 2001 s 199B insurance premium limits for officers and auditors"
Corporations Act 2001 (Cth) s 199B prohibits a company or related body corporate from paying or agreeing to pay insurance premiums for officer or auditor liabilities, other than legal costs, arising from wilful breach of duty or contraventions of ss 182 or 183.
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 199B provides that a company or 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 legal costs, arising out of conduct involving a wilful breach of duty in relation to the company or a contravention of s 182 or s 183. The rule applies whether the premium is paid directly or through an interposed entity, and an offence based on subsection 199B(1) is strict liability. Official source checked: Federal Register of Legislation, Corporations Act 2001 current text, s 199B. Dogfood note: Source search for s 199B did not surface a native Corporations Act s 199B row; it returned adjacent proposed Corporations topics and unrelated CCA rows.
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