Section 229 — Competition and Consumer Act 2010: Indemnification of officers

(1) A body corporate (the first body), or a body corporate related to the first body, commits an offence if it indemnifies a person (whether by agreement or by making a payment and whether directly or through an interposed entity) against either of the following liabilities incurred as an officer (within the meaning of the Corporations Act 2001) of the first body: (a) a liability to pay a pecuniary penalty under section 224; (b) legal costs incurred in defending or resisting proceedings in which the person is found to have such a liability. Penalty: $2,750. (2) For the purposes of subsection (1), the outcome of proceedings is the outcome of the proceedings and any appeal in relation to the proceedings.