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Exemption from liability void
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190. (1) Subject as follows, any provision whether contained in the instrument of incorporation of an ICAV or in any contract with an ICAV or otherwise for exempting any officer of the ICAV or any person employed by the ICAV as auditor from, or indemnifying him or her against, any liability which by virtue of any rule of law would otherwise attach to him or her in respect of any negligence, default, breach of duty or breach of trust of which he or she may be guilty in relation to the ICAV is void.
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(2) An ICAV may, in pursuance of any provision referred to in subsection (1), indemnify any such officer or auditor against any liability incurred in defending proceedings, whether civil or criminal, in which judgment is given in his or her favour or in which he or she is acquitted.
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(3) An ICAV may purchase and maintain for any of its officers or auditors insurance in respect of any liability referred to in subsection (1) .
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(4) Despite any provision contained in an enactment, the instrument of incorporation of an ICAV or otherwise, a director may be counted in the quorum and may vote on any resolution to purchase or maintain any insurance under which the director might benefit.
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(5) In this section a reference to an officer or auditor includes any former or current officer or auditor of the ICAV.
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