53
CurrentPerson may be released from liability but is not entitled to indemnity
Chapter 2Formation, powers and constitution of co-operatives
Part 2.2Legal capacity and powers
Division 5Pre-registration contracts
53 Person may be released from liability but is not entitled to indemnity
(1) Any of the parties to the pre-registration contract may release the person who entered into, or purported to enter into, the contract from any liability in relation to that contract.
(2)
The release must be in writing.
(3) The party giving the release cannot recover damages under section 52 from the person.
(4) Despite any rule of law or equity, the person does not have a right of indemnity against the co-operative in relation to the person's liability under this Division even if the person was acting, or purporting to act, as trustee for the co-operative.
This Act’s bill:Explanatory statement
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