Singapore legislation
Section 172B
Section 172B
Third 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 —
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 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
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 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.
(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.