Section 350 - Power to grant relief

(1) Where in proceedings against a member, an officer or an auditor of a company for a default or a breach of duty under this Act, or against a trustee for debenture holders in respect of a breach of duty or trust, it appears to the Court hearing the case that the member, officer, auditor or trustee is or may be liable but that the member, officer, auditor or trustee has acted honestly and reasonably and that, having regard to the circumstances of the case, that person ought fairly to be excused, the Court may relieve that person in whole or in part from that liability on the terms that the Court considers fit.

(2) Where the member, officer, auditor or trustee has reason to believe that a claim may be made against that person in respect of a breach of duty or trust, that person may apply to the Court for relief.

(3) The Court on the application, shall have the same power to relieve that person as under this section as it would have had if it had been a court before which proceedings against that person for breach of duty or trust had been brought.

(4) Written notice of an application to the Court under subsection (2) shall be given to the Registrar at least twenty-one days before the date of the hearing of the application and the Registrar may appear at the hearing of the application and call evidence and make the representations that the Registrar deems fit.