163 Restrictions on giving of guarantees and indemnities

(1)

A Crown entity must not, with or without security, give a guarantee to, or indemnify, another person, or amend the terms of any such guarantee or indemnity, other than as provided in section 160.

(2)

This section does not apply if the other person is—

(a)

a member, office holder, committee member, employee, or other individual indemnified by the board in relation to any claim or proceeding under—

(i)

section 122 of this Act; or

(ii)

section 162 of the Companies Act 1993; or

(iii)

the entity’s natural person powers or other powers in the entity’s Act:

(b)

a delegate or agent indemnified by the board under its natural person powers, or the common law, in relation to any claim or proceeding.

(3)

This section does not apply to any guarantee or indemnity that is implied at law or arising from any transactions that may be authorised under regulations made under this Part.

Section 163(1): amended, on 1 July 2014, by section 69 of the Crown Entities Amendment Act 2013 (2013 No 51).