Trust and Loan Companies Act

Version of section 218 from 2003-01-01 to 2006-04-26:

Marginal note:Directors’ and officers’ insurance

 A company may purchase and maintain insurance for the benefit of any person referred to in section 217 against any liability incurred by the person

  • (a) in the capacity of a director or an officer of the company, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the company; or

  • (b) in the capacity of a director or an officer of another entity where the person acts or acted in that capacity at the company’s request, except where the liability relates to a failure to act honestly and in good faith with a view to the best interests of the entity.