On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 18/04/2013.
172.
—(1) Any provision, whether in the articles or in any contract with a company or otherwise, for exempting any officer or auditor of the company from, or indemnifying him against, any liability which by law would otherwise attach to him in respect of any negligence, default, breach of duty or breach of trust of which he may be guilty in relation to the company, shall be void.
(2) This section shall not prevent a company —
(a)
from purchasing and maintaining for any such officer insurance against any liability referred to in subsection (1); or
(b)
from indemnifying such officer or auditor against any liability incurred by him —
(i)
in defending any proceedings (whether civil or criminal) in which judgment is given in his favour or in which he is acquitted; or
(ii)
in connection with any application under section 76A(13) or 391 or any other provision of this Act, in which relief is granted to him by the court.
[38/98; 8/2003]
[UK, 1948, s. 205; UK, 1985, s. 310 (3); Aust., 1961, s. 133]