GOVERNANCE OF AUSTRALIAN GOVERNMENT SUPERANNUATION SCHEMES ACT 2011 - SECT 35 Indemnification of directors etc.
GOVERNANCE OF AUSTRALIAN GOVERNMENT SUPERANNUATION SCHEMES ACT 2011 - SECT 35
Indemnification of directors etc.(1) Anything done, or omitted to be done, in good faith by a director or a delegate of the Board, in the performance of his or her functions under this Act, an Act administered by CSC or a governing deed, does not subject him or her personally to any action, liability, claim or demand.
(2) Subsection ( 1) does not preclude CSC from being subject to any action, liability, claim or demand.
(3) Except in cases where the Superannuation Industry (Supervision) Act 1993 or regulations under that Act do not so permit, any money becoming payable by CSC in respect of an action, liability, claim or demand that relates to an Act administered by CSC, regulations made under such an Act, or a governing deed, is to be paid out of:
(a) in the case of the 1922 scheme, DFRB, DFRDB, DFSPB , ADF Cover or PNG--the Consolidated Revenue Fund, which is appropriated accordingly; and
(b) in any other case--the superannuation fund administered by CSC to which the action, liability, claim or demand relates.
(4) If an amount is paid out of a superannuation fund administered by CSC under paragraph ( 3)(b), an equivalent amount is to be paid to the relevant superannuation fund administered by CSC out of the Consolidated Revenue Fund, which is appropriated accordingly.
(5) In relation to the Superannuation Act 2005 and the Trust Deed (within the meaning of that Act) , and the Australian Defence Force Superannuation Act 2015 and the Trust Deed (within the meaning of that Act) :
(a) this section has effect subject to such modifications (if any) as are prescribed by the regulations; and
(b) t he regulations may provide that this section ceases to
have effect at a specified time.