THE CORPORATIONS LAW

CHAPTER 2B - BASIC FEATURES OF A COMPANY

PART 2B.3 - CONTRACTS BEFORE REGISTRATION

SECTION 132   PERSON MAY BE RELEASED FROM LIABILITY BUT IS NOT ENTITLED TO INDEMNITY  

132(1)  [Release]  

A party to the pre-registration contract may release the person from all or part of their liability under section 131 to the party by signing a release.

132(2)  [Indemnity]  

Despite any rule of law or equity, the person does not have any right of indemnity against the company in respect of the person's liability under this Part. This is so even if the person was acting, or purporting to act, as trustee for the company.