Acts and Regulations

S-5.5 - Securities Act

Section 21
Disposition versions

Full text
Indemnity
Repealed: 2013, c.31, s.36
2013, c.31, s.36
21Repealed: 2013, c.31, s.36
2007, c.38, s.13; 2013, c.31, s.36
Indemnity
21(1)Except in relation to an action by or on behalf of the Commission, in which case the approval of the Court of Queen’s Bench must first be obtained, the Commission may indemnify the Chair or a former Chair, any other member or former member of the Commission, any supplementary member or former supplementary member of the Commission or any employee or former employee of the Commission, and his or her heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him or her in relation to any civil, criminal or administrative action or proceeding to which he or she is made a party by reason of being or having been the Chair, another member of the Commission, a supplementary member of the Commission or an employee of the Commission, if he or she
(a) acted honestly and in good faith with a view to the best interests of the Commission, and
(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had reasonable grounds for believing that his or her conduct was lawful.
21(2)Notwithstanding anything in this section, a person referred to in subsection (1) is entitled to indemnity from the Commission in respect of all costs, charges and expenses reasonably incurred in connection with the defence of any civil, criminal or administrative action or proceeding to which the person is made a party by reason of being or having been the Chair, another member of the Commission, a supplementary member of the Commission or an employee of the Commission if the person seeking indemnity
(a) was substantially successful on the merits of the person’s defence of the action or proceeding,
(b) fulfils the conditions set out in paragraphs (1)(a) and (b), and
(c) is fairly and reasonably entitled to indemnity.
21(3)The Commission may purchase and maintain insurance for the benefit of any person referred to in subsection (1) against any liability incurred by that person as the Chair, as another member of the Commission, as a supplementary member of the Commission or as an employee of the Commission, except where the liability relates to the failure of that person to act honestly and in good faith with a view to the best interests of the Commission.
21(4)The Commission or a person referred to in subsection (1) may apply to the Court of Queen’s Bench for an order approving an indemnity under this section and the Court of Queen’s Bench may so order and make any further order it thinks fit.
21(5)On an application under subsection (4), the Court of Queen’s Bench may order notice to be given to any interested person and that person is entitled to appear and be heard in person or by legal counsel.
2007, c.38, s.13
Indemnity
21(1)Except in relation to an action by or on behalf of the Commission, in which case the approval of the Court of Queen’s Bench must first be obtained, the Commission may indemnify the Chair or a former Chair, any other member or former member of the Commission or any employee or former employee of the Commission, and his or her heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him or her in relation to any civil, criminal or administrative action or proceeding to which he or she is made a party by reason of being or having been the Chair or other member of the Commission or an employee of the Commission, if he or she
(a) acted honestly and in good faith with a view to the best interests of the Commission, and
(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, had reasonable grounds for believing that his or her conduct was lawful.
21(2)Notwithstanding anything in this section, a person referred to in subsection (1) is entitled to indemnity from the Commission in respect of all costs, charges and expenses reasonably incurred in connection with the defence of any civil, criminal or administrative action or proceeding to which the person is made a party by reason of being or having been the Chair or other member of the Commission or an employee of the Commission if the person seeking indemnity
(a) was substantially successful on the merits of the person’s defence of the action or proceeding,
(b) fulfils the conditions set out in paragraphs (1)(a) and (b), and
(c) is fairly and reasonably entitled to indemnity.
21(3)The Commission may purchase and maintain insurance for the benefit of any person referred to in subsection (1) against any liability incurred by that person as the Chair or as another member of the Commission or as an employee of the Commission, except where the liability relates to the failure of that person to act honestly and in good faith with a view to the best interests of the Commission.
21(4)The Commission or a person referred to in subsection (1) may apply to the Court of Queen’s Bench for an order approving an indemnity under this section and the Court of Queen’s Bench may so order and make any further order it thinks fit.
21(5)On an application under subsection (4), the Court of Queen’s Bench may order notice to be given to any interested person and that person is entitled to appear and be heard in person or by legal counsel.