Corporations Act 2001
Modifying legislative instruments: The application of Ch 5C is affected by the following legislative instruments that commenced on or after 1 January 2022: ASIC Corporations (Asset Holding Standards for Responsible Entities) Instrument 2024/16.
CCH Note: Section 601JG is modified by the ASIC Corporations (Discretions for Setting the Issue Price and Withdrawal Price of Interests in Managed Investment Schemes) Instrument 2023/693; and the ASIC Corporations (Changing the Responsible Entity) Instrument 2023/681.
A scheme ' s responsible entity or a related body corporate must not pay, or agree to pay, a premium in respect of a contract insuring a person who is or has been a member of the scheme ' s compliance committee against a liability: (a) incurred by the person as a member; and (b) arising out of conduct involving a wilful breach of a duty referred to in section 601JD .
601JG(2)
If subsection (1) is contravened, the contract is void in so far as it insures the person against the liability.
601JG(3)
Subsections (1) and (2) do not apply to a liability for costs and expenses incurred by a person in defending proceedings, whether civil or criminal and whatever their outcome.
601JG(4)
In this section:
pay includes pay indirectly through one or more interposed entities.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
