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C-38 - Companies Act

Section 123.87
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123.87. A company shall assume the defence of its mandatary prosecuted by a third person for an act done in the exercise of his duties and shall pay damages, if any, resulting from that act, unless the mandatary has committed a grievous offence or a personal offence separable from the exercise of his duties.
However, in a penal or criminal proceeding the company shall assume only the payment of the expenses of its mandatary if he had reasonable grounds to believe that his conduct was in conformity with the law, or the payment of the expenses of its mandatary if he has been freed or acquitted.
1979, c. 31, s. 27; 1980, c. 28, s. 14.
123.87. The persons concerned, and not the Director, are responsible for verifying the lawfulness of the articles and documents required to be registered under this Part.
1979, c. 31, s. 27.
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