Acts and Regulations

2013, c.7 - Electricity Act

Section 27
Disposition versions

Full text
Indemnification
27(1)The Corporation may indemnify a director or officer of the Corporation or of a subsidiary of the Corporation against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the Corporation or subsidiary of the Corporation.
27(2)The Corporation may advance money to an individual referred to in subsection (1) for the costs, charges and expenses of a proceeding referred to in that subsection, and the individual shall repay the money if it is determined by a court or other competent authority that the individual does not fulfil the conditions of subsection (3).
27(3)The Corporation may not indemnify an individual under subsection (1) unless
(a) the individual acted honestly and in good faith with a view to the best interests of the Corporation or of the subsidiary of the Corporation, as the case may be, and
(b) in the case of a criminal or administrative action or proceeding that is enforced by a financial penalty, the individual had reasonable grounds for believing that the individual’s conduct was lawful.
27(4)Despite subsection (1), an individual referred to in that subsection is entitled to indemnity from the Corporation in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defence of any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual’s association with the Corporation or a subsidiary of the Corporation, if the individual seeking indemnity
(a) was not judged by a court or other competent authority to have committed any fault or to have omitted to do anything that the individual ought to have done, and
(b) fulfils the conditions set out in subsection (3).
27(5)The Corporation may purchase and maintain insurance for the benefit of an individual referred to in subsection (1) against any liability incurred by the individual as a director or officer of the Corporation or of a subsidiary of the Corporation.
Indemnification
27(1)The Corporation may indemnify a director or officer of the Corporation or of a subsidiary of the Corporation against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding in which the individual is involved because of that association with the Corporation or subsidiary of the Corporation.
27(2)The Corporation may advance money to an individual referred to in subsection (1) for the costs, charges and expenses of a proceeding referred to in that subsection, and the individual shall repay the money if it is determined by a court or other competent authority that the individual does not fulfil the conditions of subsection (3).
27(3)The Corporation may not indemnify an individual under subsection (1) unless
(a) the individual acted honestly and in good faith with a view to the best interests of the Corporation or of the subsidiary of the Corporation, as the case may be, and
(b) in the case of a criminal or administrative action or proceeding that is enforced by a financial penalty, the individual had reasonable grounds for believing that the individual’s conduct was lawful.
27(4)Despite subsection (1), an individual referred to in that subsection is entitled to indemnity from the Corporation in respect of all costs, charges and expenses reasonably incurred by the individual in connection with the defence of any civil, criminal, administrative, investigative or other proceeding to which the individual is subject because of the individual’s association with the Corporation or a subsidiary of the Corporation, if the individual seeking indemnity
(a) was not judged by a court or other competent authority to have committed any fault or to have omitted to do anything that the individual ought to have done, and
(b) fulfils the conditions set out in subsection (3).
27(5)The Corporation may purchase and maintain insurance for the benefit of an individual referred to in subsection (1) against any liability incurred by the individual as a director or officer of the Corporation or of a subsidiary of the Corporation.