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

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]