Companies Act 1967 · s 172B

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

—(1) Section 172(2) does not apply where the provision for indemnity is against liability incurred by the officer to a person other than the company, except when the indemnity is against —(a)any liability of the officer to pay —(i)a fine in criminal proceedings; or(ii)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(b)any liability incurred by the officer —(i)in defending criminal proceedings in which he or she is convicted;(ii)in defending civil proceedings brought by the company or a company that is deemed to be related to the company by virtue of section 6, in which judgment is given against him or her; or(iii)in connection with an application for relief referred to in subsection (4) in which the court refuses to grant him or her relief.(2) The references in subsection (1)(b) to a conviction, judgment or refusal of relief are references to the final decision in the proceedings.(3) For the purposes of subsection (2) —(a)a conviction, judgment or refusal of relief becomes final —(i)if it is not appealed against — at the end of the period for bringing an appeal; or(ii)if it is appealed against — at the time when the appeal (or any further appeal) is disposed of; and(b)an appeal (or further appeal) is disposed of —(i)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(ii)if it is abandoned or otherwise ceases to have effect.(4) The reference in subsection (1)(b)(iii) to an application for relief is to an application for relief under section 76A(13) or 391.
Section 172(2) does not apply where the provision for indemnity is against liability incurred by the officer to a person other than the company, except when the indemnity is against —(a)any liability of the officer to pay —(i)a fine in criminal proceedings; or(ii)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(b)any liability incurred by the officer —(i)in defending criminal proceedings in which he or she is convicted;(ii)in defending civil proceedings brought by the company or a company that is deemed to be related to the company by virtue of section 6, in which judgment is given against him or her; or(iii)in connection with an application for relief referred to in subsection (4) 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)a conviction, judgment or refusal of relief becomes final —(i)if it is not appealed against — at the end of the period for bringing an appeal; or(ii)if it is appealed against — at the time when the appeal (or any further appeal) is disposed of; and(b)an appeal (or further appeal) is disposed of —(i)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(ii)if it is abandoned or otherwise ceases to have effect.
The reference in subsection (1)(b)(iii) to an application for relief is to an application for relief under section 76A(13) or 391.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 172BThird party indemnity

(1)

Section 172(2) does not apply where the provision for indemnity is against liability incurred by the officer to a person other than the company, except when the indemnity is against —

(a)

any liability of the officer to pay —

(i)

a fine in criminal proceedings; or

(ii)

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

(b)

any liability incurred by the officer —

(i)

in defending criminal proceedings in which he or she is convicted;

(ii)

in defending civil proceedings brought by the company or a company that is deemed to be related to the company by virtue of section 6, in which judgment is given against him or her; or

(iii)

in connection with an application for relief referred to in subsection (4) in which the court refuses to grant him or her relief.

(2)

The references in subsection (1)(b) to a conviction, judgment or refusal of relief are references to the final decision in the proceedings.

(3)

For the purposes of subsection (2) —

(a)

a conviction, judgment or refusal of relief becomes final —

(i)

if it is not appealed against — at the end of the period for bringing an appeal; or

(ii)

if it is appealed against — at the time when the appeal (or any further appeal) is disposed of; and

(b)

an appeal (or further appeal) is disposed of —

(i)

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

(ii)

if it is abandoned or otherwise ceases to have effect.

(4)

The reference in subsection (1)(b)(iii) to an application for relief is to an application for relief under section 76A(13) or 391.