Financial Intermediaries Act 1996

This section applies to a person who is—

an officer of a society; or

an auditor of a society, whether or not the auditor is an officer of the society; or

an expert for a matter in relation to which the civil proceeding has been taken or the claim will or might arise; or

a receiver, receiver and manager, liquidator or other person appointed or directed by the Supreme Court to carry out a duty in relation to a society.

If, in a civil proceeding against a person to whom this section applies for negligence, default, breach of trust or breach of duty in a capacity because of which the person is such a person, it appears to the Supreme Court before which the proceeding is taken that the person is or may be liable in relation to the negligence, default or breach but has acted honestly and, having regard to all the circumstances of the case, including those connected with the person’s appointment, ought fairly to be excused for the negligence, default or breach, the court may relieve the person either wholly or partly from the liability on such terms as the court considers appropriate.

If a person to whom this section applies has reason to believe that a claim will or might be made against the person for negligence, default, breach of trust or breach of duty in a capacity because of which the person is such a person, the person may apply to the Supreme Court for relief.

The Supreme Court has the same power to grant relief under subsection (3) as it would have had under subsection (2) if it had been a court before which a proceeding against the person for negligence, default, breach of trust or breach of duty had been brought.