New South Wales Consolidated Acts

SUPERANNUATION ADMINISTRATION ACT 1996 - SECT 80A

80A STC not to indemnify officers without Ministerial approval

(1) STC may indemnify a person who is or has been an officer of STC against a liability incurred as an officer of STC, or enter into an indemnity agreement, only with the written approval of the Minister.

(2) For the purposes of this section, an "indemnity agreement" means an agreement or arrangement (whether made by deed or otherwise), between STC and a person who is or has been an officer of STC, that contains any one or more of the following provisions:

(a) a provision that requires STC to indemnify the person against any liability incurred as an officer of STC,

(b) a provision that requires STC to maintain an insurance policy in respect of any liability incurred by the person as an officer of STC,

(c) a provision that requires STC to pay money to or on behalf of the person to assist in defending or responding to any claim, investigation or other proceedings relating to the person’s term of office as an officer of STC (including a provision that requires payment in advance of any liability being incurred by the person),

(d) a provision that confers on the person a right of access to documents held by STC, in any specified circumstances, in connection with any claim, investigation or other proceedings relating to the person’s term of office as an officer of STC.

(3) If an indemnity agreement is entered into by STC in accordance with the approval of the Minister under this section, STC may indemnify a person, as required by that agreement, without obtaining a further approval from the Minister.

(4) The approval of the Minister under this section:

(a) may be given generally or may be limited to a particular case or class of cases, and

(b) is subject to such conditions (if any) as are specified in the approval.

(5) In this section:
"officer of STC" means the following:

(a) a member of the STC Board,

(b) the chief executive officer of STC.