Acts and Regulations

2013, c.30 - Financial and Consumer Services Commission Act

Section 51
Disposition versions

Full text
Indemnity
51(1)Except in relation to an action by or on behalf of the Commission, in which case the approval of the Court of King’s Bench must first be obtained, the Commission may indemnify the chair or a former chair of the Commission or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member or former member of the Commission or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee or former employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, and their 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 the person in relation to a civil, criminal or administrative action or proceeding to which the person is made a party by reason of being or having been the chair of the Commission or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member of the Commission or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, if he or she
(a) acted honestly and in good faith with a view to the best interests of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, as the case may be, 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 their conduct was lawful.
51(2)Despite 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 of the Commission or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member of the Commission or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation 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.
51(3)The Commission may purchase and maintain insurance for the benefit of a person referred to in subsection (1) against any liability incurred by that person as the chair of the Commission or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, as a member of the Commission or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or as an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, except if 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.
51(4)The Commission, or a person referred to in subsection (1), may apply to the Court of King’s Bench for an order approving an indemnity under this section, and the Court of King’s Bench may so order and make any further order it considers appropriate.
51(5)On an application under subsection (4), the Court of King’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.
2019, c.25, s.313; 2022, c.9, s.14; 2023, c.6, s.1; 2023, c.17, s.91
Indemnity
51(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 of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member or former member of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee or former employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, and their 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 the person in relation to a civil, criminal or administrative action or proceeding to which the person is made a party by reason of being or having been the chair of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, if he or she
(a) acted honestly and in good faith with a view to the best interests of the Commission, the Tribunal or the New Brunswick Credit Union Deposit Insurance Corporation, as the case may be, 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 their conduct was lawful.
51(2)Despite 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 of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation 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.
51(3)The Commission may purchase and maintain insurance for the benefit of a person referred to in subsection (1) against any liability incurred by that person as the chair of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, as a member of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or as an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, except if 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 or Tribunal, as the case may be.
51(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 considers appropriate.
51(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.
2019, c.25, s.313; 2022, c.9, s.14
Indemnity
51(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 of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member or former member of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee or former employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, 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 a 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 of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, if he or she
(a) acted honestly and in good faith with a view to the best interests of the Commission, the Tribunal or the New Brunswick Credit Union Deposit Insurance Corporation, as the case may be, 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.
51(2)Despite 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 of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, a member of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation 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.
51(3)The Commission may purchase and maintain insurance for the benefit of a person referred to in subsection (1) against any liability incurred by that person as the chair of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation, as a member of the Commission, the Tribunal or the board of directors of the New Brunswick Credit Union Deposit Insurance Corporation or as an employee of the Commission or the New Brunswick Credit Union Deposit Insurance Corporation, except if 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 or Tribunal, as the case may be.
51(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 considers appropriate.
51(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.
2019, c.25, s.313
Indemnity
51(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 of the Commission or Tribunal, a member or former member of the Commission or Tribunal or an 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 a 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 of the Commission or Tribunal, a member of the Commission or Tribunal 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 or Tribunal, as the case may be, 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.
51(2)Despite 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 of the Commission or Tribunal, a member of the Commission or Tribunal 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.
51(3)The Commission may purchase and maintain insurance for the benefit of a person referred to in subsection (1) against any liability incurred by that person as the chair of the Commission or Tribunal, as a member of the Commission or Tribunal or as an employee of the Commission, except if 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 or Tribunal, as the case may be.
51(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 considers appropriate.
51(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.
Indemnity
51(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 of the Commission or Tribunal, a member or former member of the Commission or Tribunal or an 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 a 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 of the Commission or Tribunal, a member of the Commission or Tribunal 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 or Tribunal, as the case may be, 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.
51(2)Despite 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 of the Commission or Tribunal, a member of the Commission or Tribunal 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.
51(3)The Commission may purchase and maintain insurance for the benefit of a person referred to in subsection (1) against any liability incurred by that person as the chair of the Commission or Tribunal, as a member of the Commission or Tribunal or as an employee of the Commission, except if 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 or Tribunal, as the case may be.
51(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 considers appropriate.
51(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.