Company Indemnity Form Template for Malaysia

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Key Requirements PROMPT example:

Company Indemnity Form

"I need a Company Indemnity Form for our newly appointed Chief Technology Officer who will join our Malaysian AI software company on March 1, 2025, including specific provisions for intellectual property-related risks and cross-border operations in Southeast Asia."

Document background

The Company Indemnity Form is a crucial document used in Malaysian corporate governance to protect company officers and directors from personal liability while performing their duties. It becomes necessary when companies wish to provide security and protection to their key personnel, enabling them to make business decisions without undue concern for personal liability. The document must comply with the Malaysian Companies Act 2016 and related legislation, including specific provisions regarding the scope of indemnification, exclusions for misconduct, and procedural requirements. This form is particularly important during appointments of new directors or officers, corporate restructuring, or when updating corporate governance policies. The indemnity typically covers legal costs, judgments, fines (where permitted by law), and settlements arising from actions taken in good faith and in the best interests of the company.

Suggested Sections

1. Parties: Identifies and defines the indemnifier (typically the company) and the indemnitee (typically the director, officer, or other party being indemnified)

2. Background: Sets out the context and purpose of the indemnity agreement, including the relationship between the parties

3. Definitions: Defines key terms used throughout the agreement, including 'Loss', 'Claims', 'Proceedings', and other relevant terms

4. Scope of Indemnity: Clearly defines what losses, damages, and expenses are covered by the indemnity

5. Exclusions: Specifies circumstances where the indemnity will not apply (e.g., willful misconduct, fraud)

6. Claim Procedure: Details the process for making claims under the indemnity, including notification requirements and timing

7. Duration: Specifies how long the indemnity remains in effect

8. Company's Obligations: Sets out specific obligations of the company in maintaining the indemnity

9. Governing Law and Jurisdiction: Specifies that Malaysian law governs the agreement and establishes jurisdiction for disputes

Optional Sections

1. Insurance: Details about any directors and officers insurance policy maintained by the company - include when insurance coverage is part of the indemnification arrangement

2. Advancement of Expenses: Provisions for advancing legal costs and other expenses - include when immediate coverage of costs is required

3. Tax Provisions: Handling of tax implications of indemnity payments - include when tax considerations are significant

4. Assignment: Restrictions on transferring rights under the indemnity - include when assignment rights need to be specifically addressed

5. Severability: Provisions for maintaining validity if parts are found unenforceable - include in complex agreements

6. Third Party Rights: Rights of third parties under the indemnity - include when third parties might be affected

Suggested Schedules

1. Schedule 1: Scope of Covered Activities: Detailed list of activities and roles covered by the indemnity

2. Schedule 2: Claim Form Template: Standard form for making claims under the indemnity

3. Schedule 3: Insurance Details: Details of any associated insurance policies and coverage

4. Appendix A: Board Resolution: Copy of the board resolution authorizing the indemnity

5. Appendix B: Company Constitution Excerpt: Relevant excerpts from the company constitution regarding indemnification powers

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Financial Services

Manufacturing

Technology

Healthcare

Real Estate

Energy

Telecommunications

Professional Services

Retail

Construction

Mining

Transportation

Education

Agriculture

Hospitality

Relevant Teams

Legal

Corporate Secretarial

Risk Management

Compliance

Corporate Governance

Board Secretariat

Executive Management

Human Resources

Finance

Internal Audit

Relevant Roles

Chief Executive Officer

Chief Financial Officer

Board Director

Managing Director

Company Secretary

Chief Legal Officer

Executive Director

Non-Executive Director

Chief Risk Officer

Chief Operating Officer

Corporate Secretary

General Counsel

Risk Manager

Compliance Officer

Corporate Governance Officer

Find the exact document you need

Deed Of Indemnity For Directors

A Malaysian law-governed deed providing comprehensive indemnification protection for company directors against liabilities and expenses incurred in their official capacity.

How Genie AI reduced drafting time by 75% for a legal firm

Let's create your Company Indemnity Form

Authors

Alex Denne

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