Singapore legislation
Clause 29
of Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill
Clause 29
New section 79A
The principal Act is amended by inserting, immediately after section 79, the following section:“Indemnity for Agency’s officers against cost of action to which section 79 applies79A.—
The Agency must indemnify a person mentioned in subsection (2) against all costs and expenses reasonably incurred by the person in connection with any action, suit or other legal proceedings to which the person is a party by reason of anything done (including any statement made) or omitted to be done in good faith in the course of or in connection with any of the matters mentioned in section 79(i), (ii) or (iii).(2) Subsection (1) applies to a person who was a person mentioned in section 79(b) or (c) at the time of the alleged act or omission giving rise to the action, suit or proceeding.”.