(1) Subject to the preceding section, subsection (3) and section 635, a person shall not be qualified for appointment as a liquidator of a company unless there is in place in relation to the person an indemnity, in such amount and on such terms as may from time to time be prescribed by regulations made by the Supervisory Authority, against losses and claims arising in respect of civil liability incurred by the person in respect of any act or omission by -
(a) the person,
(b) any servant or agent of the person, or
(c) both of them,
in the conduct of the winding up of the company concerned.
(2) The reference in subsection (1) to an indemnity being in place in relation to a person is a reference to an indemnity being provided (against the losses and claims referred to in that subsection) by either of the following means:
(a) a policy of indemnity insurance being effected and maintained by the person with an insurance undertaking; or
(b) the person's participating, in a manner legally enfo
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