Section 350: Power to grant relief

350. Power to grant relief (1) Where, in any proceedings before any Court for negligence, default or breach of duty against a person to whom this section applies, it appears to the Court that the person is or may be liable in respect thereof, but that that person has acted honestly and reasonably and that, having regard to all circumstances of the case including those connected with the person’s appointment, the person ought fairly to be excused for the negligence, default or breach of duty, the Court may relieve that person either wholly or partly from liability on such terms as the Court thinks fit. (2) Where a person to whom this section applies has reason to apprehend that any claim is likely to be made against him in respect of any negligence, default or breach of duty, that person may apply to the Court for relief, and the Court shall have the same power to relieve him under this section as it would have had if it had been a Court before which proceedings against that person for negligence, default or breach of duty had been brought. (3) This section shall apply to— (a) an officer; (b) a person employed by a company as auditor; (c) an expert; (d) a liquidator; and (e) a debenture holder’s representative.