Section 132 — Corporations Act 2001 (Cth)

Person may be released from liability but is not entitled to indemnity

(1) A party to the pre—registration contract may release the person from all or part of their liability under section 131 to the party by signing a release.

(2) Despite any rule of law or equity, the person does not have any right of indemnity against the company in respect of the person’s liability under this Part. This is so even if the person was acting, or purporting to act, as trustee for the company.

Sourced from the Federal Register of Legislation at 17 May 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au. Verify the current text against the official source before relying on it.

Related sections

s 129 — Assumptions that can be made under section 128
s 130 — Information available to the public from ASIC does not constitute constructive notice
s 131 — Contracts before registration
s 133 — This Part replaces other rights and liabilities
s 134 — Internal management of companies
s 135 — Replaceable rules

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