Class notes
Lecture notes Companies Act of 2008 (AIC22A2)
- Course
- Accounting 200 (AIC22A2)
- Institution
- University Of Johannesburg (UJ)
Auditing Companies Act of 2008
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Faculty of Economic and Financial SciencesAUITING AND INTERNAL CONTROL 2014
UNIT 4
,Department of Commercial
Accounting
Companies Act 2008
Lesson 2
2
, Department of Commercial
Accounting
SECTION 78: Indemnification and directors’ insurance
What is indemnity? Do you remember the indemnity forms that your
parents signed for school trips? What were they all about?
A company can indemnify a director against liability in certain situations.
A company can also take insurance to cover losses related to some actions
by a director
A company may not indemnify a director for:
o A liability arising from failure to
a) Act in good faith and for proper purpose
b) Act in the best interest of the company
c) Act with care, skill and diligence
o A fine imposed to a director who is convicted in terms of national legislation.
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