Section 463 - Power of court to grant relief in certain cases

Corporate officers may obtain judicial relief from liability if they acted honestly and reasonably, subject to procedural notice.

The court may relieve a corporate officer wholly or partly from liability for alleged negligence, default, breach of duty, misfeasance or breach of trust if the officer has acted honestly and reasonably and the court, considering all circumstances including appointment, deems relief fair; relief in criminal proceedings cannot extend to civil liability. The High Court may grant identical preemptive relief on application, and no relief may be granted unless the court has served notice requiring the Registrar and any other necessary persons to show cause why relief should not be granted.