New Zealand Acts

COMMERCE ACT 1986 - SECT 80A

80A Restriction on indemnities relating to contraventions of section 30

1 A body corporate must not indemnify any director, employee, or agent, or former director, employee, or agent, of the body corporate or of any of its interconnected bodies corporate (
"person A" ) in respect of—

a) any pecuniary penalty imposed on person A by the court under section 80 in respect of a contravention of section 30 ; or

b) any costs incurred by person A in defending any civil proceedings in which the pecuniary penalty referred to in paragraph (a) is imposed; or

c) any penalty imposed on person A by the court following the conviction of person A under section 82B ; or

d) any costs incurred by person A in defending any criminal proceedings in which person A is convicted under section 82B .

2 An indemnity given in contravention of subsection (1) is void.

3 In this section,
"indemnify" includes relieve or excuse from liability, whether before or after the liability arises; and
"indemnity" has a corresponding meaning.

History: Section 80A: replaced, on 15 August 2017, by section 23 of the Commerce (Cartels and Other Matters) Amendment Act 2017 (2017 No 40).   Section 80A(1)(b): amended, on 8 April 2021, by section 10(1) of the Commerce (Criminalisation of Cartels) Amendment Act 2019 (2019 No 9).     Section 80A(1)(c): inserted, on 8 April 2021, by section 10(2) of the Commerce (Criminalisation of Cartels) Amendment Act 2019 (2019 No 9).     Section 80A(1)(d): inserted, on 8 April 2021, by section 10(2) of the Commerce (Criminalisation of Cartels) Amendment Act 2019 (2019 No 9).