HC Deb 26 October 1989 vol 158 cc1174-6

'.—(1) In section 310 of the Companies Act 1985 (provisions exempting officers and auditors from liability), for subsection (3) (permitted provisions) substitute— (3) This section does not prevent a company—

  1. (a) from purchasing and maintaining for any such officer or auditor insurance against any such liability, or
  2. (b) from indemnifying any such officer or auditor against any liability incurred by him—
    1. (i) in defending any proceedings (whether civil or criminal) in which judgment is given in his favour or he is acquitted, or
    2. (ii) in connection with any application under section 144(3) or (4) (acquisition of shares by innocent nominee) or section 727 (general power to grant relief in case of honest and reasonable conduct) in which relief is granted to him by the court.".

(2) In Part I of Schedule 7 to the Companies Act 1985 (general matters to be dealt with in directors' report), after paragraph 5 insert—

    cc1174-6
  1. Insurance effected for officers or auditors 1,307 words