Article 29 - Persons Appointed Under the Constitution
(1) This section applies to a Person appointed under the Constitution when acting or purporting to act in the course of that appointment, including a Member, the Registered Representative, an Enforcer and any other Person appointed to carry out a function in respect of the Foundation.
(2) Nothing —
(A) in the Constitution; or
(B) in a contract between the Foundation and a person to whom this section applies,
relieves, releases or excuses the Person from any liability for the Person's fraud, wilful misconduct or gross negligence.
(3) Any insurance purchased and maintained by the Foundation in respect of a Person to whom this section applies shall not include insurance in respect of —
(A) any liability the Person may incur —
(1) to the Foundation; or
(2) to pay a fine in respect of a breach of these Regulations or any Rules made by the QFC Authority under Article 6; or
(B) any costs the Person may incur —
(1) in defending criminal proceedings in which the Person is convicted; or
(2) in defending civil proceedings brought by the Foundation in which judgment is entered against the Person.
(4) Unless the Constitution provides otherwise, a Person appointed under the Constitution is entitled —
(A) to receive payment from the Foundation which has been agreed by the Person and the Foundation in respect of services provided by the Person to the Foundation;
(B) to be reimbursed by the Foundation for any reasonable fees or expenses incurred by the Person in carrying out functions in respect of the Foundation
|Derived (as from 22nd September 2016).|