Article 59 - Exemption, Indemnification and Liability of Officers

(1) An Investment Club and each Member are taken to indemnify each director of the Investment Club in respect of any liability incurred or sustained by him or her (including any actual liability, costs or expenses reasonable incurred or sustained) in connection with any debt claim, action or obligation of any kind in which he or she becomes involved by virtue of being a director, unless the claim, action, or obligation arises as a result of fraud, gross negligence or wilful default on the part of the director.
(2) Each Member is taken to indemnify each other Member in respect of any liability incurred or sustained by the other Member (including any actual liability, costs or expenses reasonable incurred or sustained) in connection with any claim or action by a Member against another Member, unless the claim or action arises as a result of fraud, gross negligence or wilful default on the part of the Member the subject of the claim or action.
(3) Articles 59 (1) and (2) above are subject to any contrary provision in an Investment Club's articles of association.
(4) Nothing in this article has the effect of indemnifying a person against a liability that by virtue of a rule of law would attach to him or her in relation to fraud or dishonesty. However, the indemnities in Articles 59 (1) and (2) above extend to a liability incurred by a person in defending himself or herself in proceedings whether civil or criminal, in which judgement is given in his or her favour or in which he or she is acquitted.
Derived (as from 20th December 2016).