Western Australian Consolidated Acts

STATE SUPERANNUATION ACT 2000 - SECT 75D

75D .         Responsible entity and directors to be indemnified

        (1)         The responsible entity and the directors of that entity are each entitled to be indemnified out of the assets in the West State Fund against a liability —

            (a)         assigned by operation of section 75N; or

            (b)         properly incurred while acting as the responsible entity or a director of the responsible entity (as the case requires).

        (2)         Subsection (1) does not entitle a person to be indemnified out of the assets in the West State Fund against a liability —

            (a)         that arises because the person —

                  (i)         fails to act honestly in a matter concerning the West State scheme; or

                  (ii)         intentionally or recklessly fails to exercise due care and diligence in the exercise of the person’s functions in relation to the West State scheme;

                or

            (b)         for a monetary penalty under a civil penalty order as defined in the SIS Act section 10.

        [Section 75D inserted by No. 25 of 2007 s. 71.]