(1)  A Government Business Enterprise may pay, or agree to pay, a premium in relation to a contract insuring a person who is or has been an officer of the Government Business Enterprise against a liability other than a liability –

(a) incurred by the person as an officer; and

(b) arising out of conduct involving –

(i) a wilful breach of duty in relation to the Government Business Enterprise; or

(ii) without limiting subparagraph (i) , a contravention of section 24(6) or (7) .

(2)  Under subsection (1) , a Government Business Enterprise may pay or agree to pay a premium in relation to a liability for costs and expenses incurred by a person in defending proceedings, whether civil or criminal, and whatever their outcome regardless of whether those costs are incurred in respect of conduct referred to in subsection (1)(b) .

(2A)  This section applies to a premium whether it is paid directly or through an interposed person.

(3)  An instrument is void so far as it insures a person against a liability in contravention of subsection (1) .