Business Trusts Act 2004 · 2020 Revised Edition · Part 3 · Trustee‑Manager
27A. Third party indemnity
Feedback & supportLast amended by an amending law of 2022.
Section 27(2) does not apply where the provision for indemnity is against liability incurred by the officer to a person other than the trustee-manager in its capacity as trustee-manager of the registered business trust, except when the indemnity is against —
officer
“officer” has the meaning given by section 4(1) of the Companies Act 1967;
any liability of the officer to pay —
a fine in criminal proceedings; or
a sum payable to a regulatory authority by way of a penalty in respect of non-compliance with any requirement of a regulatory nature (however arising); or
any liability incurred by the officer —
in defending criminal proceedings in which he or she is convicted;
in defending civil proceedings brought by the trustee-manager of the registered business trust or a related corporation of the trustee-manager in which judgment is given against him or her; or
in connection with an application for relief under section 105 in which the court refuses to grant him or her relief.
The references in subsection (1)(b) to a conviction, judgment or refusal of relief are references to the final decision in the proceedings.
For the purposes of subsection (2) —
a conviction, judgment or refusal of relief becomes final —
if it is not appealed against — at the end of the period for bringing an appeal; or
if it is appealed against — at the time when the appeal (or any further appeal) is disposed of; and
an appeal (or further appeal) is disposed of —
if it is determined and there is no right of further appeal, or if there is a right of further appeal, the period for bringing any further appeal has ended; or
if it is abandoned or otherwise ceases to have effect.