Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A scheme's responsible entity or a related body corporate must not pay, or agree to pay, a premium in respect of a contract insuring a person who is or has been a member of the scheme's compliance committee against a liability:
(a) incurred by the person as a member; and
(b) arising out of conduct involving a wilful breach of a duty referred to in section 601JD.
(2) If subsection (1) is contravened, the contract is void in so far as it insures the person against the liability.
(3) Subsections (1) and (2) do not apply to a liability for costs and expenses incurred by a person in defending proceedings, whether civil or criminal and whatever their outcome.
(4) In this section:
"pay" includes pay indirectly through one or more interposed entities.