Section 21Part 4 — CORPORATE DIRECTORS
Further requirements
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The subsidiary, whether wholly owned or otherwise, of — that is appointed to act as a director of a covered entity shall be licensed under this Law unless that subsidiary holds a mutual funds administrators licence or a companies management licence.
a corporate director;
the holder of a mutual funds administrators licence; or
the holder of a companies management licence,
A corporate director shall at all times be covered by insurance with an insurer, to cover loss arising from claims in respect of civil liability incurred in connection with the business of the corporate director, in an amount which is a minimum aggregate cover of one million dollars and a minimum cover of one million dollars for each and every claim.
A corporate director shall file with the Authority current details of the insurance required under subsection (2).
Defined Terms
subsidiarycorporate directormutual funds administrators licencecompanies management licencecovered entitylicensedAuthority