4Indemnity insurance for directors
The Board may subscribe, and pay premiums, for a policy of insurance to indemnify the directors jointly or severally against personal liability arising from an act or omission of the directors or any of them, not being an act or omission—
(a)which the director or directors in question knew to be a breach of the duty owed by that director or those directors;
(b)concerning which, the director was, or directors were, reckless as to whether it was such a breach.