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Budget Implementation Act, 1998

Version of section 18 from 2003-01-01 to 2010-10-19:

Marginal note:Indemnification

 Except in respect of an action by or on behalf of the Foundation to procure a judgment in its favour, the Foundation may indemnify a present or former director or officer of the Foundation against all costs, charges and expenses, including amounts paid to settle an action or to satisfy a judgment, that are reasonably incurred by the director or officer in respect of any civil, criminal or administrative action or proceeding to which the director or officer is a party by reason of being or having been a director or officer of the Foundation, if

  • (a) the director or officer acted honestly and in good faith with a view to the best interests of the Foundation; and

  • (b) in the case of a criminal or administrative action or proceeding enforced by a monetary penalty, the director or officer had reasonable grounds for believing that the impugned conduct was lawful.

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