Clause 132

Any provision, whether in the constitution or in any contract with a company or otherwise, for exempting any auditor of the company from, or indemnifying him or it against, any liability which by law would otherwise attach to him or it in respect of any negligence, default, breach of duty or breach of trust of which he or it may be guilty in relation to the company shall be void.(2) This section does not prevent a company from indemnifying such auditor against any liability incurred or that will be incurred by him or it —

in defending any proceedings (whether civil or criminal) in which judgment is given in his or its favour or in which he or it is acquitted; or

in connection with any application under section 76A(13) or 391 or any other provision of this Act, in which relief is granted to him or it by the court.”.