§ 163B — Exception for expenditure in connection with regulatory action or investigation

163B. Sections 162, 163 and 172 do not apply to anything done by a company —(a)

to provide a director of the company with funds by way of any loan to meet expenditure incurred or to be incurred by the director in defending himself or herself —(i)

in an investigation by a regulatory authority; or

(ii)

against any action proposed to be taken by a regulatory authority,

in connection with any alleged negligence, default, breach of duty or breach of trust by the director in relation to the company; or

(b)

to enable any such director to avoid incurring such expenditure.[36/2014]