Singapore legislation
Clause 12
Clause 12
Amendment of section 172
Section 172 of the Companies Act is amended by deleting subsection (2) and substituting the following subsection:“(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) except where the liability arises out of conduct involving dishonesty or a wilful breach of duty; 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, in relation to such liability, in which relief is granted to him by the court.”.