Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Except as provided in subsection (2), the Board may insure a person who is or has been a Board member against liabilities incurred by the person as a Board member.
(2) The Board must not pay, or agree to pay, a premium for a contract insuring a person who is, or has been, a Board member against a liability (other than one for legal costs) arising out of:
(a) conduct involving a wilful breach of duty in relation to the Board; or
(b) a contravention of section 58 or 59.
This subsection applies to a premium whether it is paid directly or through an interposed entity.
(3) This section does not authorise anything that would otherwise be unlawful.
(4) Anything that purports to insure a person against a liability is void to the extent that it contravenes this section.