Section 80
of International Business Companies Order, 2000
Section 80
(1)
Subject to subsection (2) and to any relevant modification, an IBC may indemnify against all expenses, including legal fees, against all judgments, fines and amounts paid in settlement and reasonably incurred in connection with legal, administrative or investigative proceedings any person who –
(a)
is or was a party or is threatened to be made a party to any pending, threatened or completed proceedings, whether civil, criminal, administrative or investigative by reason that the person is or was a director, officer or liquidator of the IBC; or
(b)
is or was, at the request of the IBC, serving as a director, officer or liquidator of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise.
(2)
Subsection (1) applies to such a person as is referred to in that subsection only if he acted honestly and in good faith with a view to the best interests of the IBC and, in the case of criminal proceedings, if he had no reasonable cause to believe that his conduct was unlawful.
(3)
Unless a question of law is involved, the decision of the directors as to whether a person acted honestly and in good faith and with a view to the best interests of the IBC, and as to whether a person had no reasonable cause to believe that his conduct was unlawful is, in the absence of fraud, sufficient for the purposes of this section.
(4)
The termination of any proceedings by any judgment, order, settlement, conviction, or by the entering of a nolle prosequi does not, by itself, create a presumption that a person did not act honestly and in good faith and with a view to the best interest of the IBC or that he had reasonable cause to believe that his conduct was unlawful.
(5)
If any such person as is referred to in subsection (1) is successful in defence of any proceedings referred to in that subsection, he shall be entitled to be indemnified against all expenses, including legal fees, and all judgments, fines and amounts paid in settlement and reasonably incurred by him in connection with the proceedings.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
74
BLUV as at 20th June 2017
Insurance.