Part 3Retirement Commissioner and statutory supervisors
Statutory supervisors
40Operator must not indemnify or exempt statutory supervisor from liability
The operator must not indemnify the statutory supervisor for, or exempt the statutory supervisor from, any liability for breach of duty, breach of trust or other fiduciary obligation, that involves gross negligence, bad faith, or wilful misconduct by the statutory supervisor.
An indemnity or agreement contrary to subsection (1) is void.


