What about s247 of the (1973) Companies Act?

  • Section 247 of the old Companies Act limited the extent to which a company could indemnify a director for the director’s liabilities.
  • The Act did make a concession in that it allowed the company to pay the D&O insurance premiums as well as reimburse the directors for their legal costs in defending themselves (provided that they were not found guilty).
  • An equivalent clause can be found in section 78 of the 2008 Companies Act
Subject: 
Directors and Officers Liability